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Foodpanda losses widen to Rs 228 crore from Rs 45 crore

Ola-backed online food delivery platform Foodpanda’s losses widened to Rs 227.95 crore in the year ended March 2018, against Rs 44.82 crore in FY17. The company’s revenue from operations rose to Rs 72.13 crore in FY18, as against Rs 61.43 crore registered in the previous financial year. Its rivals Zomato and Swiggy reported revenues of Rs 139.9 crore and Rs 420.5 crore respectively in FY18. Foodpanda said the company will focus on further improving the customer experience and increasing the market share with significant investment in technology, logistics and brand. Ola has reportedly halved its investment in Foodpanda.

Read More at The Financial Express News date : 7 Feb 2019, Thursday

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