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.
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.”