Foodpanda raises $60 million in new funding
11 Aug 2014
Online food ordering platform Foodpanda has raised $60 million (Rs360 crore) new funding from a group of investors, including its existing investors Falcon Edge Capital and Rocket Internet AG. Since its launch in 2012, Foodpanda and Hellofood have raised more than $100 million in capital.
The new funding was raised together with its affiliated brands Hellofood and Delivery Club, according to a statement issued by the company. Recently, Foodpanda had acquired competitor Delivery Club, making it the leading food delivery marketplace in Russia.
''We plan to use these funds to further consolidate our position as the market leader and continue our growth in the existing markets while further improving our customer experience,'' said Rohit Chadda, managing director and co-founder at foodpanda.in.
In 2013, it got more than $20 million funding from Phenomen Ventures and Investment AB Kinnevik, and $8 million from iMENA Holdings.
The company further got $20 million from a group of investors, including Phenomen Ventures in February 2014.
Foodpanda helps restaurants to increase delivery sales through online and mobile platforms. The company operates under the Hellofood brand in Latin America, Africa and the Middle East. It provides services under foodpanda in Asia, including in India, and Eastern Europe.