According to the terms of the deal, Prosus will pay €1.5bn in cash as well as make a contingent payment of up to €300m.
The latest deal is expected to close in the fourth quarter. Upon completion, Prosus and its affiliate company Movile will fully own iFood.
Prosus CEO Bob van Dijk said: “We first invested in iFood nearly a decade ago, and during this time, Fabricio and team have built a world-class food delivery business.
“They have shaped the sector in Brazil, creating a platform that serves 330,000 restaurant partners, provides income opportunity for 200,000 delivery partners, and delivers approximately 70 million orders every month.
“Increasing our stake to full ownership is a demonstration of our committed and disciplined approach to investment and reflects our confidence in the long-term potential of iFood. We are excited to continue to be a supportive and active partner for iFood as the company steps into its next phase of innovation and growth.”
The technology investor made its first investment in iFood through Movile in 2013.
Currently, iFood offers grocery, quick commerce and fintech services alongside food deliveries.
Movile founder and iFood CEO Fabricio Bloisi said: “Prosus has been a committed partner to iFood and Movile over the last decade. I am delighted that they continue to have such strong belief in our vision and ability to build a successful business that Brazilians can continue to be proud of.
“Together we will build a platform of offerings that provide Brazilian customers, delivery partners, restaurants and more, with the best experience in food, grocery delivery and fintech.”
Besides iFood in Latin America, Prosus’ global portfolio of online food delivery companies includes Swiggy in India and Delivery Hero, which operates in 50 countries.