Foodpanda Raises Over $60 Million for Expansion, Strengthening Tech Platform

Foodpanda Raises Over $60 Million for Expansion, Strengthening Tech Platform
Online food ordering platform Foodpanda has raised $60 million (about Rs. 360 crore) from existing investors as well as new ones - Falcon Edge Capital and Rocket Internet AG.

The funds will be used to expand presence in the cities of operation and strengthen technology platforms to enhance customer experience.

"The fresh round of capital investment is a testament of investor confidence. We plan to use these funds to further consolidate our position as the market leader and continue our growth in existing markets while further improving customer experience," MD and co-founder Rohit Chadda said.

Using Foodpanda, customers can order meals online. Since its launch in 2012, Foodpanda and its affiliated brands Hellofood and Delivery Club, have raised over $100 million (about Rs. 600 crore).

Recently, the company had acquired its competitor, Delivery Club, making it the leading food delivery marketplace in Russia.

In 2013, Foodpanda had secured more than $20 million (Rs. 120 crore) funding from Phenomen Ventures and Investment AB Kinnevik, and $8 million (about Rs. 48 crore) from iMENA Holdings.

A group of investors, including Phenomen Ventures, invested an additional $20 million (Rs. 120 crore) in February this year.

Foodpanda has presence in more than 45 countries. In India, it covers over 4,000 restaurants across 30 cities.

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Further reading: Foodpanda, Internet, Online, Revenue
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