FoodPanda, the rocket-Internet backed, Berlin-based food delivery service with strong presence in India too, has now gobbled up an additional $100 Million round led by Goldman Sachs (via TechCrunch). The company had raised a $110 Million less than two months back.
Foodpanda says that it is going to use this freshly infused capital for “further expand its own delivery activities and improve overall customer experience”. And even though the company raised a staggering $110 Million for the same reason two moths back, it looks like that money wasn’t just enough.
The company, which started as a Rocket internet-incubated startup to focus primarily on Asia has since expanded its presence to a massive 80 cities across 40 countries in five continents, claiming to have over 60,000 restaurants and eating joints on its platform.
However, for a company which is just under 3 year old, FoodPanda entered certain emerging markets pretty earlier than it might have projected, thus needing more cash to lift off operations in those markets. And investors like Goldman Sachs are clearly seeing huge potential in food delivery markets.
In terms of completion though, FoodPanda doesn’t have much to worry about, at least as of now. This is because of a mega consolidation move which its backer Rocket Internet played a few months back, when it acquired a significant stake in FoodPanda’s biggest rival Delivery Hero along with acquiring nine other startups across the world, including from nascent markets like Pakistan and Bangladesh.
FoodPanda, has till date raised $310 Million from its investors, and considering its capital intensive business, you can expect some more investing in later half of the year.