Foodpanda India today announced its plans to invest $62.2 million (₹400 crore) to boost its delivery network.
In a statement Foodpanda India said, “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.”
The development was first reported by The Economics Times.
The investment will come from $200 million that ANI Technologies (parent of Ola) had committed to the company at the time of acquisition. Ola acquired Foodpanda in December 2017.
Pranay Jivrajka, CEO, Foodpanda India said, “Creating a robust technology stack is a fundamental need, which will also play a massive role in building a strong delivery ecosystem.We at Foodpanda recognise this and are investing INR 400 crores to further strengthen our delivery network across all the metros and other key cities. We are also working on the consumer-facing side of the business to provide a more fulfilling user experience.”
Pranay added, “We are also ramping up our last mile connect by hiring 25,000 delivery riders. This is in line with our go to market strategy to make a difference in the food ordering experience of our restaurant partners, customers and riders.”
Foodpanda India is facing a tough competition from Zomato, Swiggy and Uber Eats. Last week, Swiggy raised $100 million in a funding round led by Naspers. The latest investment will help Foodpanda to compete with its competitor.