wordpress blog stats
Connect with us

Hi, what are you looking for?

Ola invests Rs 400cr in FoodPanda India

Keeping up with the race, Ola is investing Rs 400 crore in its newly acquired food delivery arm Foodpanda India. The development was first reported by The Economic Times. In a statement shared with MediaNama, company said that it will use the capital to further strengthening its delivery network, and will hire 25K riders throughout the country in the next 12 to 15 months. Besides, the company with scale up its technology, and its logistics network. Pranay Jivrajka, CEO, Foodpanda India said that "a strong delivery ecosystem backed by technology is one of the most fundamental needs of the Indian food tech industry. We at Foodpanda recognise this and are investing INR 400 crores to further strengthen our delivery network across all the metros and other key cities." Neck-to-Neck race Note that the development comes after a week when online food ordering and delivery platform Swiggy raised Series F funding of US $100 million, and Zomato raised $150 million from Alibaba’s Ant Financial. Ola had bought Foodpanda India from its Germany-based parent Delivery Hero Group in December, 2017.  Once a prominent player in food delivery business, Foodpanda India lost its ground to players like Swiggy and Zomato. It reported revenues of Rs 62.16 crore for the financial year 2016-2017 (FY 16-17) an increase of 64% from Rs 37.81 crore. Meanwhile, Foodpanda India said that it is working to reduce its losses. For FY16-17, registered a loss of Rs 44.81 crore compared to Rs 142.64  crore in the same year last year. The food delivery space in India is getting…

Please subscribe/login to read the full story.
Written By

Writes about e-commerce, social media, tech and Internet ecosystem.

Free Reads

News

As per a report, Apple has been testing its own large language model (LLM) since last year but its technology remains behind the AI...

News

Telecom companies are against a regulatory sandbox, as they think information revealed by businesses during the sandboxing process might be confidential should be out...

News

According to a statement, the executive body of the European Union had also sought internal documents on the risk assessments and mitigation measures for...

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

Views

News

NPCI CEO Dilip Asbe recently said that what is not written in regulations is a no-go for fintech entities. But following this advice could...

News

Notably, Indus Appstore will allow app developers to use third-party billing systems for in-app billing without having to pay any commission to Indus, a...

News

The existing commission-based model, which companies like Uber and Ola have used for a long time and still stick to, has received criticism from...

News

Factors like Indus not charging developers any commission for in-app payments and antitrust orders issued by India's competition regulator against Google could contribute to...

News

Is open-sourcing of AI, and the use cases that come with it, a good starting point to discuss the responsibility and liability of AI?...

You May Also Like

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ