Foodpanda losses widen to Rs 228 crore from Rs 45 crore

By: | Updated: February 7, 2019 7:02 AM

The company's revenue from operations rose to Rs 72.13 crore in FY18, against Rs 61.43 crore registered in the previous financial year. Expenses increased to Rs 162.64 crore in FY18, against Rs 107.08 crore in FY17, according to the data.

Online food delivery platform Foodpanda’s losses widened to Rs 227.95 crore in the year ended March 31, 2018, against Rs 44.82 crore in FY17, according to company filings with Registrar of Companies (RoC), sourced from business intelligence platform Tofler.

“In FY18, food delivery industry in India witnessed explosive growth driven by aggressive discounts and investment in logistics. Our focus this year would be on further improving the customer experience and increasing our market share. This would be driven by significant investment in technology, logistics and brand,” Foodpanda said.

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The company’s revenue from operations rose to Rs 72.13 crore in FY18, against Rs 61.43 crore registered in the previous financial year. Expenses increased to Rs 162.64 crore in FY18, against Rs 107.08 crore in FY17, according to the data.

Ola-backed Foodpanda is facing an uphill battle from the likes of Zomato and Swiggy in the food delivery space.

Zomato’s revenue from food delivery was Rs 139.9 crore in FY18, while Swiggy led the pack, posting revenues of Rs 420.5 crore in the financial year, analysts at Kotak Institutional Equities estimate.

Reportedly, Ola has more than halved its investment in Foodpanda.

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