Foodpanda India to invest Rs 400 cr to boost delivery network

Foodpanda India to invest Rs 400 cr to boost delivery network

In a bid to strengthen its delivery network, Foodpanda, an online marketplace for food delivery has announced invest plans worth Rs. 400 crores in the country, with additional recruitment of 25,000 riders across India in the next 12-15 months.

It's interesting to note that Bangalore based Swiggy last week raised about United States dollars 100 million led by Naspers. So far, Swiggy has raised $255 million across six rounds of funding.

Flushed with money, the companies are now jostling for consumer mind space and wallet share. A strong technology back-end and a dense logistics network would also ensure better services for present and prospective customers. The investment will focus on creating transparent, more efficient and time saving procedures for delivery logistics. Ola experimented with Ola Cafe, but the service failed to flourish and the latest investment by Foodpanda could be a step in the resurrecting its market position. We at Foodpanda recognize this and are investing Rs 400 crore to further strengthen our delivery network across all the metros and other key cities.

The investment will come from $200 million that ANI Technologies (parent of Ola) had committed to the company at the time of acquisition.

It competes with the likes of Alibaba Group-backed Zomato, Naspers-backed Swiggy and cab-hailing major Uber's on-demand food delivery service Uber Eats.

Pranay Jivrajka, chief executive at Foodpanda is quoted as saying in an ET report, "Creating a robust technology stack is a fundamental need, which will also play a massive role in building a strong delivery ecosystem".

Foodpanda India, which claims to be in about 130 towns and cities across the country, will be doubling down on about 10 cities across Asia's third-largest economy, and which constitute about more than 50% of the overall orders received by the food delivery companies.

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