Foodpanda to raise funds for expansion

By: | Published: August 30, 2016 6:23 PM

Online food ordering and delivery firm Foodpanda is in the process of a fresh round of fund raising for expansion and has mandated investment bank o3 Capital for this.

Foodpanda, which had attained operational profitability early this year, is aiming to regulate and standardise the quality measures. (Source: FoodPanda)Foodpanda, which had attained operational profitability early this year, is aiming to regulate and standardise the quality measures. (Source: FoodPanda)

Online food ordering and delivery firm Foodpanda is in the process of a fresh round of fund raising for expansion and has mandated investment bank o3 Capital for this.

The company however did not share the amount it is seeking to raise.

Foodpanda, which had attained operational profitability early this year, is aiming to regulate and standardise the quality measures.

“o3 Capital is supporting Foodpanda during the current fund-raising process for foodpanda India. We are not looking to exit India,” Foodpanda India CEO Saurabh Kochhar said in a statement.

The company has grown rapidly over the past months while increasing its already positive operative margins and would continue to do so, he added.

Rocket Internet-backed company today announced launch of a new initiative Food Doctor Program (FDP) with the aim of strengthening quality standards for over 12,000 network restaurants.

“Foodpanda is going to focus on quality standards for all the kitchen ops cycles, right from procurement of raw material to the final stage of dispatching packaged food from the restaurant to the customer,” the company said in a statement.

FDP will consist of restaurant diagnostics and audits that would culminate into a specific ‘Hygiene rating’ for the restaurant, it added.

“We have always used our technological innovation and resources to bring best food ordering and delivery experience to our customers – whether with almost 100 per cent automation, 45 minute express delivery guarantee or this,” Kochhar said.

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