Foodpanda raises $110m in latest round, Rocket gets controlling stake

The Foodpanda Group has secured another round of funding to the tune of $110 million, with investors from Rocket Internet AG, as well as existing and new investors.

Functioning as an online food delivery marketplace, active in 40 countries worldwide, the latest funding round takes the total amount raised by this Rocket-backed firm to $200 million.

For this round of funding, Rocket Internet contributed EUR 37 million ($39.2 million), in addition to purchasing shares from existing shareholders and receiving shares formerly held through Latam Internet Group via a share dividend.

This latest injection of capital has also resulted in Rocket Internet increasing its equity stake in Foodpanda and now holds a controlling stake in it.

Rocket’s direct ownership in the global food delivery firm has now gone up to 52 per cent (from almost 50 per cent earlier).

In the recent past, Foodpanda has made a series of acquisitions of its competitors across the world – all located in the emerging economies like India, Mexico, Russia and Brazil, as well as areas that are strong growth engines like Eastern Europe, Middle East and Asia.

The company will use proceeds from the latest round to make further investments into product development and technology, with a focus on customer service and loyalty.

Also Read: Rocket Internet backed Helpling acquires local rival Spickify in Singapore

Foodpanda brands itself as the most convenient way to order food via its mobile application or its online portal. This helps restaurants increase delivery sales as well as providing them with evolving technology and analytics. Currently, Foodpanda has partnered with more than 45,000 restaurants across 40 countries, being a market leader in 32 of those countries..

Ralf Wenzel, co-founder and CEO of the Foodpanda group stated: “Over the last couple of months we have become the leading online food delivery marketplace across the most promising and fastest growing emerging markets. The new funding allows us to fully focus on user experience and customer service with the aim of completely disrupting the way people order food by establishing a real alternative to pizza flyers and phone calls.”

 

Related Stories:

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FoodPanda acquisitions are part of the larger Rocket Internet narrative

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.