Online Meal Delivery Company FoodPanda Raises $60 Million in Funding
Rocket Internet’s food delivery service, FoodPanda has raised more money through another round of funding. It has raised $60 million from existing investor Falcon Edge Capital as well as Rocket Internet AG. This money will be used to expand FoodPanda and its brands HelloFood and Delivery Club, (which is a Russian food delivery marketplace that FoodPanda recently brought) in emerging markets. This brings the total funding FoodPanda has raised till now to $108 million.
FoodPanda serves as an online marketplace for restaurants and cafes. People can order food for delivery, through FoodPanda’s mobile app as well as its website, which also gathers analytics and other information for vendors. FoodPanda was founded in April 2012 and its headquarters are in Berlin. Benjamin Bauer is its founder and Chief Executive Officer and the company currently employs around 800 people.
Like most of Rocket Internet’s other ventures, including EasyTaxi, and companies such as Zalora, Linio and Lazada as well as PricePanda, a price comparison site, FoodPanda takes a business model that has proven successful before. The company then replicates the model in emerging markets.
Currently, FoodPanda is available in 40 countries with a focus on markets in Africa, Southeast Asia, the Middle East and Latin America. FoodPanda operates as Delivery Club in Russia.
Key players in the online food delivery business include publicly GrubHub, which has founded in 2004 and which now offers menus from over 250,000 restaurants in 500 cities in the US.
Ralf Wenzel who is the global managing director at HelloFood and FoodPanda said that the new funding will be invested in continuous growth in our existing markets, by partnering with even more restaurants in more cities and further improving customer service.