FoodPanda, Rocket Internet’s food delivery service, has its paws on yet another round of funding. This time it is $60 million from new investor Falcon Edge Capital as well as Rocket Internet AG. The money will be used to expand FoodPanda, as well as its brands hellofood and Delivery Club (a Russian food delivery marketplace that FoodPanda recently acquired), in emerging markets. This funding round brings the total FoodPanda has raised so far to $108 million.
FoodPanda serves as an online marketplace for restaurants. Customers can order food for delivery through FoodPanda’s mobile app, which also gathers analytics and other information for vendors.
Like most of Rocket Internet’s other ventures e-commerce companies Linio, Lazada, and Zalora; and price comparison site PricePanda, FoodPanda takes a business model that has proven successful before and replicates it in emerging markets, where the cost of starting a company is relatively cheap. FoodPanda is currently available in 40 countries, with a focus on markets in Southeast Asia, Latin America, the Middle East, and Africa. In Russia, FoodPanda operates as Delivery Club.
In a statement, FoodPanda and HelloFood’s global managing director Ralf Wenzel said: “The new funding will be invested in continuous growth in our existing markets, by partnering with even more restaurants in more cities and further improving customer service.”