Newly established entity, 4YOU Innovation has launched to market following the strategic acquisition of last mile delivery provider, Drive Yello and order ahead platform, Hey You.
4YOU Innovation brings the two businesses together with the goal of helping retailers meet increasing consumer demand for convenience.
Drive Yello founding CEO, Steve Fanale and co-CEO Asheesh Chacko will head up 4YOU Innovation while both companies’ respective leadership teams will remain with the group.
“Consumers want convenience when they shop online. Flexibility, speed and certainty at an affordable price is what Australians expect,” Fanale said.
“By merging Drive Yello and Hey You into one powerhouse, we will provide a single local ecommerce enablement experience for retailers that delivers best-in-class technology, services and products. This will help retailers keep up with consumer expectations.”
Hey You chairman, Peter Hammond said, “There are many synergies between our business model and Drive Yello so this merger absolutely makes sense. Bringing our teams together will enable us to develop new services to our established client base and expand our total addressable market.”
Established in 2015 and experiencing 150% year-over-year growth on average over the past two years, Drive Yello will continue to service some of Australia’s largest retail groups including Woolworths, Endeavour Drinks and Coles.
Also established in 2015, Hey You continues to expand its network of cafes to provide its daily order ahead purchase experience for more than 100,000 cafe goers nationally.
“4YOU Innovation has a strong and sustainable business growth plan that includes continued expansion nationally and the development of new convenience products that will help us attain greater market share and a more diversified convenience offering,” Fanale added.
4YOU Innovation is forecast to achieve a $100 million turnover in FY23 with 5,000 active vendors, 5,500 active couriers, 10 million orders and 100,000 active customers.
Image: Drive Yello co-CEO, Asheesh Chacko and founding CEO, Steve Fanale.