Foodpanda Closes With A High Revenue In India This Financial Year

According to report by the Economic Times, the food delivery app Foodpanda has gained a 64 percent revenue at the close the financial year 2016-2017. Further reports state that the company has earned Rs.62.16 crores this year as compared to Rs.37.81 crores last year showing a strong standing in the market.

The Foodpanda Growth

The losses of Foodpanda have also undergone a major change by going down Rs.44.81 crores this financial year in comparison to Rs. 142.64 crores last year. The report further states that the company has been running their services at operational profitability for the past two years and is continuing to invest and make its technology and delivery services stronger.

As for this year’s report, the company registered profits on every order and aims to be a profitable one by the financial year 2019. The company has also reportedly been able to fulfil its vision to change the way India eats. One of those steps includes the launch of a third party logistics partner – Dash.

“The growth that we are seeing year on year is only encouraging us to push the boundaries further in a profitable fashion, said co-founder and CEO Foodpanda India, Saurabh Kochhar to the Economic Times. “We are rigorously moving towards strengthening our technology and delivery services in cognizance of the $50 Billion worth of food services industry in the country.”