Foodpanda raises $60 mn in funds for expansion, tech platform

Written by PTI | New Delhi | Updated: Aug 12 2014, 02:29am hrs
FoodpandaThe fresh round of capital investment is a testament of investor confidence: Foodpanda's Rohit Chadda
Online food ordering platform Foodpanda has raised USD 60 million (about Rs 367 crore) from existing investors as well as new ones -- Falcon Edge Capital and Rocket Internet AG.

The funds will be used to expand presence in the cities of operation and strengthen technology platforms to enhance customer experience.

"The fresh round of capital investment is a testament of investor confidence. We plan to use these funds to further consolidate our position as the market leader and continue our growth in existing markets while further improving customer experience," MD and co-founder Rohit Chadda said.

Using Foodpanda, customers can order meals online. Since its launch in 2012, Foodpanda and its affiliated brands hellofood and Delivery Club, have raised over USD 100 million.

Recently, the company had acquired its competitor, Delivery Club, making it the leading food delivery marketplace in Russia.

In 2013, Foodpanda had secured more than USD 20 million funding from Phenomen Ventures and Investment AB Kinnevik, and USD 8 million from iMENA Holdings.

A group of investors, including Phenomen Ventures, invested an additional USD 20 million in February this year.

Foodpanda has presence in more than 45 countries. In India, it covers over 4,000 restaurants across 30 cities.