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Big Money pumped into the Food business

We all love to eat and some of us literally live to eat ūüėČ

In order to further enrich our food experience, the private equity giant Goldman Sachs has¬†pumped in¬†$100 million (about Rs. 635 crore) in the mobile food delivery app ‘Foodpanda’.¬†The company¬†Foodpanda, founded in 2012, is a global online food delivery marketplace headquartered in Germany¬†and has operations in more than 40 countries including¬†India, Mexico, Russia, Brazil amongst others.

Courtesy: Yourstory
Courtesy: Yourstory

In a recent statement, the¬†Foodpanda Group co‚ÄĒfounder and CEO Ralf Wenzel said “The investment will allow the company build a leading mobile food delivery marketplace in emerging markets targeting over three billion consumers.¬†Last-mile delivery has been part of Foodpanda‚Äôs operations since the beginning, it will now accelerate its efforts to drive customer satisfaction, aiming to offer the most convenient way of ordering food ‚ÄĒ from the mobile app and online.”

Interestingly, Zomato, which is currently into restaurant search business has also started a pilot for food delivery in the Indian market. It plans to scale it up globally in 21 other countries, after which it can be the biggest competitor to Food Panda.

But the clear winner is the consumer, who gets feast at their doorsteps. Love for Food!

Source: The Hindu, FirstPost

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