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Food delivery startup foodpanda raises $110 million from Rocket Internet, others

foodpanda (1)

Foodpanda, the food delivery startup, has raised $110 million from Rocket Internet along with new and existing investors. The funding will go towards scaling up, improving product and technology and focusing on user experience.

Since this is a mix of primary and secondary funding, the actual funding raised is ~ $40 million along with the purchase of existing shares and through a share dividend. This puts Rocket Internet’s stake at 52% from the previous 50%. We mailed the company for further details on the development but the company declined to comment.

Last year, Foodpanda had raised two rounds of investment – $60 million from a group of investors including Rocket Internet AG & Falcon Edge Capital in August and $20 million from a group of investors including Phenomen Ventures in February. The company  had said then that it plans to use the funds to expand its reach in existing countries.

Functioning in 40 countries, Gurgaon-based foodpanda has raised $218 million so far and is nestled under the Rocket Internet group. It is available on the web and on Android, iOS and Windows mobile apps. Launched by Rocket Internet in 2012, foodpanda, interestingly, has partners in Cuponation, OfficeYes, FabFurnish, Printvenue, Jabong and Pricepanda.

Acquisition spree

Last month, foodpanda took over UK-headquartered JustEat’s India operations. Foodpanda also acquired TastyKhana for an undisclosed amount in November last year. It had mentioned then that TastyKhana would remain an independent brand. Globally, it had acquired Room Service in Malaysia and Singapore, City Delivery in the Philippines, EatOye in Pakistan, Koziness in Hong Kong and Food By Phone in Thailand. It had also partnered with Burger King in Mumbai on a test basis to deliver burgers in Mumbai in December last year.

Competition:

Foodpanda will now see competition from Zomato’s yet-to-launch food delivery system. Other players in this space include MealsOnWheels, which was acquired by Ant Farm* in February this year, DeliveryChef.in, TravelKhana.com and JustDial’s food delivery service.

*Disclosure: Ant Farm is an advertiser with Medianama

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    © 2008-2018 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ