Foodpanda, a giant food ordering platform will invest Rs. 400 Crore in order to boost its delivery system. Ola acquired Foodpanda in December and is also looking forward to hiring 25,000 delivery riders in the coming 12-15 months. This new investment will help the company to increase its technology along with providing an amazing experience to its customers, riders as well as other partner restaurants all over the country. The CEO of Foodpanda stated that by doing so they want to create a strong delivery ecosystem which is backed by technology in order to cater to even the smallest of the needs of the Indian food technology industry.
With the increasing urbanization and the growth in the people’s knowledge about internet, the income of the population has been rising and so is a choice for ordering food online. The company has experienced a peak in the number of orders thereby improving their delivery service by expanding it in order to be able to meet these orders. This food tech firm has its roots in over 150 cities with 15,000 restaurants on the platform. Ola is present in 110 cities and has over million cabs and drivers. Ola had committed an investment of Rs. 1300 Crore from parent ANI Technologies Pvt Ltd into Foodpanda India. This acquisition of Foodpanda by Ola is expected to provide a better product experience as well as synchronization between the two companies. None of the other food platforms including Zomato or Swiggy have this advantage of Ola’s scale as does Foodpanda.
Foodpanda’s Indian business was bought by Ola from Hero Holding GmbH which is a Berlin-based delivery hero holding and is the biggest startup as well as global online food ordering and the delivery marketplace of Europe.