TOKYO -- Demaecan, a Japanese food delivery company backed by messaging app Line, on Monday said it will raise 80 billion yen ($726 million) in a move likely to intensify the cash-burning battle with its key rival Uber.
South Korea's Naver plans to invest 18 billion yen for an 8.3% stake in Demaecan, adding to a stake it already owns through a vehicle called Mirai Fund. Z Holdings, the parent company of Line and an affiliate of SoftBank Group, plans to invest 31.7 billion yen to maintain its 38.3% stake. Demaecan aims to raise the remaining amount from overseas investors.
