Foodpanda Aiming Profitability by 2019 as Losses Decrease by 69%
The company earned INR 62.16 crores in FY 16-17 compared to INR 37.81 crores in FY 15-16.
Photo Credit : @foodpandaglobal/Twitter,
Foodpanda, India’s leading online marketplace for food delivery today reported its latest revenue figures for FY 16-17. Jumping up by 64 percent in revenues, the company earned INR 62.16 crores in FY 16-17 compared to INR 37.81 crores in FY 15-16 owing to strong order growth in key markets. Wrapping up a strong year for the brand, Foodpanda India registered an impactful 69% dip in losses at INR 44.81 crores from INR 142.64 crores in FY15-16. Running its services at operational profitability since 2015, the brand continues to invest and strengthen its technology and delivery services in the country.
Laying more focus on the per unit economics, foodpanda India registered profits on every order fulfilled in the year. Aimed to be profitable by FY 2019, the brand has been working towards realising its vision to change the way India eats. That includes foraying into third party delivery logistics through Dash, food recommendation & discovery through the revamped India app, bringing Shah Rukh Khan as the face of the brand and working on food quality initiatives such as the Food Doctor Program.
Saurabh Kochhar, cofounder and CEO, Foodpanda India said, “The growth that we are seeing year on year is only encouraging us to push the boundaries further in a profitable fashion. We are rigorously moving towards strengthening our technology and delivery services in cognizance of the $50 billion food services industry in the country. Keeping customer centricity at the core, we are making the food ordering experience seamless, personalised and intuitive. Further to that, our delivery services and food quality compliance programs are adding value to how the ordered food reaches our customers. We are working on both sides- partner restaurants and the end users to create an impact in the food tech industry.”
Foodpanda India today fulfills around half of all orders received through their own delivery services. The online food ordering and delivery platform shares menus from over 15,000 restaurants across 150 cities in India available on its app and website, In December 2016, foodpanda was acquired by Delivery Hero, a global food ordering and delivery marketplace which went public with $1.1 billion IPO in June 2017.
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