Funding

Foodpanda gets funding boost from Naspers, raises $431.45 million

Online food delivery marketplace, Foodpanda gets an investment of USD 431.45 million from global internet and entertainment group Naspers into its parent company Delivery Hero. Since its merger in December last year, the company had reported a loss for the Indian operations. The fund now will help foodpanda to compete with its rivals such as Swiggy and Zomato.

Foodpanda gets funding boost from Naspers, raises $431.45 million

Commenting on the recent investment Saurabh Kochhar, CEO foodpanda India, said, “We recently launched the India app and have made significant investments in technology and delivery ecosystem as we constantly look to strengthen and enhance our food ordering and delivery experience.”

The investment received by the parent company will be utilized in fueling foodpanda’s growth plans and strengthen its marketplace in India. On the other side, Naspers will also be represented with one member on Delivery Hero’s Supervisory Board.

“We are delighted to welcome such a renowned and strong investor with a proven track record in building successful platforms around the world. Naspers’ capital and know-how will support our growth momentum as we continue to focus on creating an amazing takeaway experience,” said CEO of Delivery Hero, Niklas Östberg.

Adding to this, CEO Naspers, Bob van Dijk said that food ordering and delivery presents an attractive opportunity for us. It is a large, underpenetrated, and growing market with potential for success across a broad range of geographies that Naspers knows well.

” Delivery Hero has already achieved significant traction in some markets, but we believe that the vast majority of high-growth markets are at the beginning of the opportunity cycle,” he further added.

In the food delivery marketplace, Zomato raised around $20 million from existing backers Sequoia Capital, Vy Capital, Info Edge, and new investors including WhatsApp’s Neeraj Arora last month.

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