Foodpanda to invest Rs400 crore to strengthen delivery network
Foodpanda India plans to invest Rs400 crore to scale up technology to ensure seamless experience across the country
New Delhi: Online food ordering and delivery platform Foodpanda India on Monday said it plans to invest Rs400 crore to scale up technology to ensure seamless experience across the country. The company also said that it plans to hire 25,000 delivery riders in the next 12 to 15 months.
The investment will focus on scaling up technology, ensuring seamless experience for partner restaurants, users and riders across all the metros and other key cities in the country, Foodpanda said in a statement.
Foodpanda India CEO Pranay Jivrajka said: “Creating a strong delivery ecosystem backed by technology is one of the most fundamental needs of the Indian food tech industry.” The focus of investment is in line with company’s go to market strategy to make a difference in the food ordering experience of its restaurant partners, customers and riders, he added.
Owing to increasing urbanisation, growth in the internet population, higher disposable incomes and rising preference for online food ordering, the company is gearing itself to significantly grow the percentage of orders that are fulfilled by the depth and expanse of its delivery services, Foodpanda said.
The company has menus from over 15,000 restaurants across more then 150 cities in India available on its app and website. In December 2017, Cab hailing app Ola had acquired Foodpanda with a commitment of infusion of funds to the tune of Rs1,300 crore from parent ANI Technologies Pvt Ltd.
- Alyque Padamsee, advertising veteran, dead at 87
- Elon Musk’s SpaceX to put 12,000 satellites in orbit
- Petrol, diesel prices continue declining trend. 5 things to know
- Facebook woes sap $17.4 billion of Mark Zuckerberg’s wealth this year
- 3-year bank FDs: SBI, ICICI Bank, HDFC Bank interest rates compared
Editor's Picks »
- Future Retail’s Q2 result shows improvement in same-store sales
- Private insurance firms grow at the expense of LIC stuck with a sick bank
- Page Industries’s lofty valuations get a reality check in Q2
- Q2 results: Grasim’s Vodafone Idea stake is proving costly
- How Vodafone Idea’s $3.5 bn fundraising will impact telecom in India