Meal wars: Ola-owned Foodpanda India to invest Rs 400 crore, to grab share from Zomato, Swiggy

Taxi aggregator Ola owned food tech firm Foodpanda India on Monday announced its plans to invest Rs 400 crore in the India market to strengthen its network. The investments come at a time when Ola-owned Foodpanda India is trying hard to compete with market leaders Swiggy and Zomato.

It's interesting to note that Bangalore based Swiggy last week raised about USD 100 million led by Naspers.

The investment by Ola into Foodpanda India would help it in scaling up technology. The company also plans to hire 25000 delivery riders in the next 12 to 15 months.

It will also focus on creating transparent, more efficient and time saving procedures for delivery logistics.

In December 2017, Ola acquired foodpanda with a commitment of infusion of funds to the tune of Rs1300 crores from parent ANI Technologies Pvt Ltd, which is backed by Japan's Softbank.

Pranay Jivrajka, CEO, Foodpanda India said, “Creating a strong delivery ecosystem backed by technology is one of the most fundamental needs of the Indian food tech industry. We at Foodpanda recognize this and are investing Rs 400 crore to further strengthen our delivery network across all the metros and other key cities.