Hotline: 1800 102 2007
X
Search Business Opportunities
Jan, 28 2016

Foodpanda finds no buyer even at $10m price

"Both Zomato and Swiggy have been approached for a buyout, besides one larger horizontal company. But Rocket is yet to garner keen interest from possible suitors for Foodpanda," another source said.

Rocket Internet-backed Foodpanda is desperately searching for a buyer for its troubled India operations at a lowly price tag of $10-15 million, multiple sources familiar with the development, reported TNN.

The Samwer brothers-led Rocket Internet's interest in its Indian portfolio has been waning with most of its flagship firms, including FabFurnish and PrintVenue, being put on the block.

"Foodpanda has held talks with its competitors in India, who have been pitched with a sale value of $10-15 million," a source said.

Despite the low valuation, the food ordering platform has not found a buyer yet, signalling that it may decide to shut India operations soon.

"Both Zomato and Swiggy have been approached for a buyout, besides one larger horizontal company. But Rocket is yet to garner keen interest from possible suitors for Foodpanda," another source said.

When contacted, a spokesperson of Rocket Internet told, "We don't comment from Rocket's side to rumours about Foodpanda."

Last year, Foodpanda raised more than $300 million from the Berlin-based Samwer brothers and Goldman Sachs for its global business. That's when it invested heavily in the Indian market, becoming one of the largest players in the online food ordering segment. In order to ward off rivals Zomato and the likes of Swiggy and TinyOwl, Foodpanda acquired TastyKhana and Just Eat in India. But it has since been on a downhill slide.

Reports of an alleged fraud and systematic discrepancies in Foodpanda's operations emerged last year. The company then lay off 300 people as the overall food delivery market hit a rough patch.

Foodpanda India, which is run by Pisces eServices, reported a loss of Rs 36 crore in March 2015 over revenue of close to Rs 5 crore, according to data from the Registrar of Companies (RoC) at the ministry of corporate affairs. .

Comment
Related opportunities
  • Preschools
    About: Doodleton is a high - quality, research-based. child-centric early learning progra..
    Locations looking for expansion Delhi
    Establishment year 2013
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 200
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
  • Ice creams & Yogurt Parlors
    About Us: Gelato Italiano is one of the pioneer brands of..
    Locations looking for expansion Maharashtra
    Establishment year 2000
    Franchising Launch Date 2017
    Investment size Rs. 5lac - 10lac
    Space required -NA-
    Franchise Outlets -NA-
    Franchise Type Unit, Multiunit
    Headquater Mumbai City Maharashtra
  • Others Food Service
    About Us: What The Fork is an established brand in OMR,..
    Locations looking for expansion Tamil nadu
    Establishment year 2017
    Franchising Launch Date 2018
    Investment size Rs. 10lac - 20lac
    Space required 300
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater chennai Tamil nadu
  • Other Vocational Training
    About: Hi - Tech Animation is a ISO 9001:2008 certified organization..
    Locations looking for expansion Delhi
    Establishment year 2011
    Franchising Launch Date 2016
    Investment size Rs. 20lac - 30lac
    Space required 0
    Franchise Outlets -NA-
    Franchise Type Unit
    Headquater New delhi Delhi
Insta-Subscribe to
The Franchising World
Magazine
For hassle free instant subscription, just give your number and email id and our customer care agent will get in touch with you
OR Click here to Subscribe Online
Daily Updates
Submit your email address to receive the latest updates on news & host of opportunities