foodpanda India, the online marketplace for food delivery has claimed revenues of $9.6 Mn (INR 62.16 Cr) in FY 16-17, a 64% jump over the earlier $5.87 Mn (INR 37.81 Cr) in FY 15-16. The company has credited strong growth for the year to the success achieved in its key markets.
Owned by Delivery Hero, foodpanda India posted a 69% dip in losses from $22.5 Mn (INR 142.64 Cr) in FY15-16 to $6.95 Mn (INR 44.81 Cr) in the current fiscal.
Further, it also claimed to have been running its services in a profitable manner since 2015. “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.”
The company aims to be profitable by FY 2019 riding on its strategies such as third-party delivery logistics through Dash, food recommendation and discovery through the revamped India app, bringing Shahrukh Khan as the face of the brand and working on food quality initiatives such as the Food Doctor Program.
Commenting on the same, Saurabh Kochhar, Co-founder, 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 Bn worth of food services industry in the country.”
He also added that foodpanda has always kept customer centricity at the core, and are working on both sides- partner restaurants and the end users to create an impact in the food tech industry.