Foodpanda stands tall when it comes to online food delivery marketplace. With over 580,000 partnered restaurants globally and 12,000 restaurants in India, Food Panda has continued to grow and expand its market leadership since its inception.
The start of the year 2016 wasn’t what Foodpanda was expecting to be like, as it had to lay off its 300 employees. Though Foodpanda has introduced full automation for its order flow in order to have better operational efficiency. Foodpanda CEO Saurabh Kocchar projects that this will help Foodpanda gain better profits in the next three years. He says to the reporters that “The last six to eight months, we have worked on near 100 percent automation of order flows to ensure operational efficiency to meet our target of becoming profitable in the next three years (at EBITDA level).”
Foodpanda’s future growth and visions are backed up by big investment firms and is efficiently funded by Rocket Internet, Goldman Sachs, Phenomenon Ventures and Falcon Edge and several others. The food delivery industry in India is just coming into existence but has a lot of potentials. Foodpanda with its well-established business framework and organizational efficiency is looking forward to anchor down its business properly in India. Foodpanda looks India as to be among the top 3 of its market by the year 2019. Foodpanda India is currently the leader in food ordering market. Kochhar said: “We are best placed to grow and consolidate our leadership in the Indian market.”
The company has witnessed 10 times growth during the last one year, despite several hurdles that came in the way. Foodpanda has also collaborated with Hardcastle Restaurants to avail orders from McDonalds. Hardcastle Restaurants are responsible for owning and operating McDonald’s chain of restaurants in western and southern regions. With this collaboration, Foodpanda will be able to expand its reach and so will McDonalds’ to deliver its tasty menu to more customers. Concepts like, express meals, express deliveries are also being introduced in major cities of India that will funnel in more customers.
Along with working on expansion and adjustments to the business model, Foodpanda is also engaged in introducing revolutionary technological innovations in the delivery system. It intends to bring ‘Drone Delivery’ in action, for its delivery purposes in remote or hard locations. “The technical solutions [of drone delivery] will be available over the next months,” said Ralf Wenzel, CEO of Foodpanda. The drone delivery system will benefit all 24 markets of Foodpanda including India. Foodpanda hopes a 20 minutes cut in the average delivery time with the drone delivery. It can be considered as a part of automation intervention of Foodpanda in its operations. If Foodpanda’s Drone Delivery comes into play in upcoming months, it will perform at an even greater pace and exceptionally well.
Although Foodpanda looks for expanding its international market, it will be focusing on strengthening its functionality in India instead of expansion. Since India plays is a fertile land for Foodpanda, it is logical to ensure the strengthening of the roots first and grow in size later.