Food discovery and ordering platform Foodpanda reported net revenues of 10 million euros or Rs 75 crore for the January-March 2016 period, a sequential increase of 20%, according to consolidated financial statements of promoter Rocket Internet. The better performance was attributed to strong order growth in key markets and increases in commission. Moreover, losses came down significantly to 13 million euros from 30.3 million euros in the previous quarter on the back of improved operational efficiency and more automation. In January, Foodpanda India had laid of 250-300 employees or 15% of its workforce, introducing more automation. Rocket Internet said in a presentation released on Monday Foodpanda\u2019s gross merchandise value (GMV) contracted marginally to 76 million euros from 80 million euros in the previous quarter. In Q1 2016, the company reported total orders worth 6.6 million euros against 7.0 million euros in Q4 2015. In India, Foodpanda is registered under Pisces eServices Private Ltd, which reported a total loss of Rs 36 crore on revenues of Rs 5 crore for the financial year ended March 31, 2015, according to the company's filing with the registrar of companies. Saurabh Kochhar, CEO of Foodpanda India, has dismissed speculation about the business being on the block, saying the management team had been overhauled and was in a position to draw from the global pool of funds as and when it needed. The firm's closest competitor Zomato has scaled back operations in four cities and now operates in 10 cities. Swiggy, a Bengaluru-based food ordering and delivery service operates in eight Tier I cities and services 25,000 orders a day at an average ticket size of about Rs 300. The food-tech space in India has not been doing too well; ventures such as Localbanya, PepperTap and Eatlo have been shutting shop while Grofers, Zomato, TinyOwl and Foodpanda have scaled back operations and withdrawn from smaller towns and cities due to a lack of demand. Flipkart shut down its venture Nearby within five months of starting it while in March, taxi-hailing app Ola also withdrew its food and grocery venture, OlaStore and OlaCafe. In 2015, the hyperlocal grocery delivery companies raised $ 290 million in funding including Grofers\u2019 $ 120 million funding led by SoftBank and Peppertap's $ 40 million funding, according to a report by Kotak Institutional Equities. According to an IGD report, China\u2019s online grocery retail market at $41bn in 2015 is the largest in the world, followed by the UK, Japan and the US. By 2020, the food industry in India is expected to reach Rs 42 lakh crore from Rs 23 lakh crore in 2014, according to report by BCG.