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Mobile food delivery marketplace Foodpanda acquires $100 million

Mobile food delivery marketplace Foodpanda acquires $100 million


Mobile food delivery marketplace Foodpanda acquires $100 million

Global mobile food delivery marketplace Foodpanda has further strengthened its roots by holding a funding round that raised $100 million led by Goldman Sachs, among others. Goldman Sachs will also be a part of the advisory board of Foodpanda. With this acquisition, the food delivery system’s total worth lands at $310 million since its inception in 2012.

The company is planning to use the funds acquired to build on its delivery services as well as provide a better customer experience. It has already acquired key competitors in countries like India, Mexico, Russia and Brazil. Currently, Foodpanda covers in 40 countries spanning five continents.

“We are very happy about the recent support from Goldman Sachs Investment Partners, with its deep expertise in online marketplaces, and which, together with our renowned group of investors, will allow us to build the leading mobile food delivery marketplace” said Ralf Wenzel , Co-Founder and CEO of Foodpanda.

In India, Foodpanda may soon find it’s equal match in Mumbai-based TinyOwl. Investor Rocket Internet recently made a bid to the home-grown start-up for a buyout but the company declined. TinyOwl is currently on an investing raising spree and aims at spreading itself to more cities by the end of 2015.

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