Foodpanda India Hungry for Funds
MUMBAI/ BENGALURU: The embattled Rocket Internet-backed Foodpanda, which last year saw allegations of internal fraud and misappropriation of funds being levelled against its top management, is learnt to be in the process of raising fresh capital.
The company recently engaged Mumbai-based mid-market investment bank o3 Capital for a $40-60 million fund-raise as it initiates talks with investors, people familiar with the matter told TOI. It’s not clear if the fund-raise process could eventually lead to the sale of Foodpanda, sources said.
The Rocket-incubated company recently said it’s selling its Indonesia business and rethinking its presence across the rest of Southeast Asia as the Samwer brothers struggle to show profitability for most of their high-burn portfolio of consumer internet startups.Last month, fashion and lifestyle e-tailer Jabong, in which Rocket Internet was a major shareholder, was sold to Myntra in a slump sale at a valuation of $70 million. -TimesofIndiaBusiness