Foodpanda India closes FY17 with 64 pct jump in revenues

ANI | Updated: Nov 29, 2017 15:49 IST

New Delhi [India], Nov 29 (ANI): India's leading online marketplace for food delivery foodpanda has reported its latest revenue figures for FY 16-17, thus marking a jump by 64 percent in revenues.

The food delivery company earned Rs. 62.16 crores in FY 16-17 compared to Rs. 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 also registered an impactful 69 percent dip in losses at Rs. 44.81 crores from Rs. 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 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.

"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 USD 50 Billion worth of food services industry in the country," said co-founder and CEO foodpanda India, Saurabh Kochhar.

Adding to this, Saurabh said that the company is making the food ordering experience seamless, personalised and intuitive.

"We are working on both sides- partner restaurants and the end users to create an impact in the food tech industry," added Kochhar.

foodpanda India today fulfills ~50 percent of the orders through their own delivery services and uses a 100 percent automation in the backend for a seamless experience for the partner restaurants and users alike. (ANI)

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