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Foodpanda has $100M cash reserves; 65% orders from mobile in Q1 2016

foodpanda

Rocket Internet owned foodpanda has reported revenues of € 10 million ($11.13 million) in Q1 2016 (74% growth), as compared to € 5.7 million ($ 6.35 million ) in the same quarter last year. For Q1 2016, gross profit was € 9.5 million (95.6% margin, $10.58 million), as compared to € 5.5 million ($6.12 million) in the same quarter last year. It has also reported adjusted EBITDA losses of € 13 million ($14.47 million ) , lower than the loss of € 18.7 million ($20.82 million ) in the corresponding 2015 quarter. The company has € 89.9 million ($100.07 million) in cash reserves this quarter, and a GMV of € 76 million, compared to € 48.4 million ($53.88 million ) in Q1 2015.

Foodpanda said that in all its markets, mobile orders accounted for 65% of total orders. In the first quarter of this year, foodpanda got and delivered 6.6 million orders, as compared to 3.8 million orders in the same quarter last year. In FY2015, foodpanda had 22.6 million orders as compared to 8.7 million orders in FY2014. The company states that HelloFresh and foodpanda accounted for net revenues of € 100 million ($111.32 million) in Q1 2016.

Reasons for growth:
– Rocket Internet, in its presentation, stated that foodpanda’s growth in Q1 2016 was driven by order growth in key markets (unnamed) and continuous increase in commission.
– It added that EBITDA loss reduction was due to ‘higher operational efficiency/improved automation.’
– Rocket Internet adds that foodpanda’s customer experience and retention rates increased due to “foodpanda-controlled last mile delivery”, and that improvements and changes in tech infrastructure and operational processes brought about “significant reduction” in delivery times and increase in rider (delivery) utilisation.

In Rocket Internet’s annual report for 2015, foodpanda reported losses of € 33 million ($36.73 million), and revenues of € 31.5 million ($35.06 million) , a jump of 373% from € 6.7 million ($7.46 million) in 2014. Foodpanda had 3,392 employees as of December 2015 and 35,000 restaurant partners worldwide. At the time, the company said that its automation rate increased to 80% in the year, and restaurants which offered meals saw repeat orders from users. As of December 2015, foodpanda’s active user base was 4.9 million.

Foodpanda developments this quarter:
– Last month, Foodpanda acquired the Hong Kong assets of US-based Delivery.com, to merge both and help foodpanda to ‘better its corporate business.’ Foodpanda entered Hong Kong market in 2014, around the same time as Delivery.com and subsequently acquired other local delivery startups such as Koziness and Dial a Dinner.
– In March, Foodpanda launched an “Express Guarantee” service that promised its customers a refund if it failed to deliver an order within 45 minutes.
– In January, Foodpanda laid off 15% of its staff across verticals, to become ‘sustainable and profitable’. Foodpanda claimed then that it had reduced manual intervention and hit 98% automation rate in order processing, thus leading to cutting its workforce.

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Our foodpanda and Rocket Internet coverage.

Written By

I'm a MediaNama alumna from 2015-16 (remember TinyOwl?) now back to cover e-services like food and grocery delivery, app based transport and policies, platforms and media in India.

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

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