?Foodpanda raises $431 million funds from Naspers

Online food delivery platform, Foodpanda has announced that its parent company, Delivery Hero, has raised $431.45 million (around Rs 3,000 crore) from South African internet investor, Naspers.

In December, Delivery Hero, a German online food delivery platform, acquired Foodpanda from Rocket Internet.

The money raised from Naspers will help Foodpanda beef up on its technology and delivery, a key to getting back to growth it lost to rivals such as Swiggy and Zomato.

Saurabh Kochhar, CEO, Foodpanda India, said, "We are constantly looking to strengthen and enhance our food ordering and delivery experience. We recently launched the India app and have made significant investments in the technology and delivery ecosystem. This funding will help further our goals in making the foodpanda experience impeccable, for each of our customers."

By backing Foodpanda and its India arm, Naspers is deepening its play in the country.

Bob van Dijk, CEO, Naspers, said, "Food ordering and delivery presents an attractive opportunity for us. It is a large, underpenetrated, and growing market with potential for success across a broad range of geographies that Naspers knows well. Delivery Hero has already achieved significant traction in some markets, but we believe that the vast majority of high-growth markets are at the beginning of the opportunity cycle."