Global online food delivery market place Food Panda has raised $100 million over the past few months after investors led by hedge fund Goldman Sachs investment. They have got a whooping amount of $110, invested in just two months after investors. One of the principal investors include RocketInternet.
The CEO, Saurabh Kocchar, has assured that although FoodPanda does not devote funds by region, a majority of this amount is going to come to India. India is also the largest market for FoodPanda globally.
The reason for this can be stated that although India contributes a small market to the global revenue, it is among the top five markets. Russia is also joining the bandwagon ahead of India to make it to the top five markets.
“We want to grow the business to at least five times its current size during the next one year,” added Kochhar. FoodPanda, which currently has 500-600 people delivering food in India, will add another 2,000-2,500 by March 2016.
During the last one year, Foodpanda acquired key competitors in India such as TastyKhana.in and JustEat.in for undisclosed amounts. The company also made some acquisitions for undisclosed amounts again, in Mexico, Russia, Brazil, Eastern Europe, the Middle East and Asia.
“The emerging markets represent the largest opportunity in online food delivery and we are committed to create the most convenient way for ordering and delivering food,” said Ralf Wenzel, co-founder and chief executive officer of Foodpanda Group.
“Last-mile delivery has been part of Foodpanda’s operations since the beginning. It will now accelerate its efforts to drive customer satisfaction, aiming to offer the most convenient way of ordering food—from the mobile app and online,” the company said in a statement.
Statistically, Foodpanda is active in 580 cities around the world, operating in 12 of the largest 20 metropolises, and partnering with over 60,000 restaurants.
Tags: FoodPanda Goldman Sachs JustEat.in RocketInternet TastyKhana.in
