Indian ride-hailing company Ola has bought the online food ordering business Foodpanda India from Germany's Delivery Hero Group, the two companies said Tuesday.

In return Delivery will get an undisclosed amount of stock in Ola, they said in a statement.

Homegrown Ola, owned by ANI Technologies, will also pump $200 million into Foodpanda India.

"This is by far the largest such fund infusion in India's online food ordering and delivery industry thus far," the statement said.

The deal gives Ola a platform to compete with its main rival Uber which launched a similar food delivery service UberEATS in India in May.

India has a fairly crowded app-based food delivery market which includes Swiggy, backed by South Africa's Naspers, and Zomato, among others.