Felicitated with the 40 under 40 young achievers award by Fortune India for 2015, co-founder and managing director at Foodpanda India, Rohit Chadda, has stepped down as MD of the company.
Rohit Chadda, who also resigned from Foodpanda India’s board, said, “I have personally decided to step aside from my role as managing director of the company to pursue new initiatives. I have also resigned from the board, however, I will continue as a shareholder in the company, but will not be involved in its day-to-day operations.”
Rohit’s resignation is effective from August 1, 2015.
Rocket Internet backed online food delivery marketplace, Foodpanda India, was started by Rohit Chadda, Amit Kohli and Akhilesh Bali in 2012 in India.
Rocket Internet is known for building consumer internet companies on its platform that brings industry executives and designates them as CEO/COO by giving them stakes in its companies. Thus, Chadda was designated as a co-founder even though Foodpanda India was not his brainchild.
Talking about his new initiatives, Rohit said, “It will be to pursue new challenges and opportunities. The opportunity on mobile space is huge and that is what I am after.”
Apart from Foodpanda India, Rohit is also the co-founder of health, wellness and fitness startup, Corp Medics.
Owned by Foodpanda group, Foodpanda India helps restaurants to increase delivery sales through online and mobile platforms by providing them with constantly evolving technology and analytics.
Foodpanda India lists menus from over 12000+ restaurants across 200+ cities. Globally, foodpanda has partnered with over 45,000 restaurants in 40 countries across five continents.
Foodpanda group has raised over $300 Mn in multiple rounds of funding with the recent being $100 Mn, led by Goldman Sachs.
Let’s have a look at the funds raised by Foodpanda till date:
April 2013: $20 Mn in series A funding from Phenomen Ventures, Investment AB Kinnevik and Rocket Internet AG
September 2013: $8 Mn in Series B funding from iMENA Holdings.
February 2014: $20 Mn in Series C funding from Investment AB Kinnevik and Phenomen Ventures
August 2014: $60 Mn in Series D funding from Falcon Edge Capital and Rocket Internet AG.
March 2015: $110 Mn in first round of Series E funding from Rocket Internet AG
April 2015: $100 Mn in round of Series E funding from Goldman Sachs and Rocket Internet AG
Besides, Foodpanda India has acquired two startups in the country. It acquired online food ordering platform, Tastykhana in November 2014 and Indian operations of online food ordering platform for take away food, JustEat in February 2015.
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