Foodpanda's business in India was acquired by Ola through an all-share deal on 11 December 2017,[36] at a valuation of $40 to $50 million.[14] Ola said it would invest around $200 million in additional funds into Foodpanda.[14] The company began offering discounts to increase usage, and at its peak, in August 2018, it had around 200,000 daily orders. That dropped to around 5,000 daily orders by mid-2019.[14] Ola suspended Foodpanda India's food delivery business in the middle of 2019 and fired most of its food delivery executives. The Foodpanda brand was said to continue with in-house brands or cloud kitchens.[14] The cloud kitchen concept was adopted by the company after it acquired the company Holachef in October 2018. In 2019, however, it only had three private label brands under its cloud kitchen business, including FLRT and Great Khichdi Experiment.[14]
HungryPanda, a food delivery app for Chinese communities, raises $20 million
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Representation of HungryPanda, the leading food delivery app for Chinese communities across the world, on its $130 million series D investment round, in a raise led by Perwyn alongside existing investors Kinnevik, 83North and Felix Capital. 2ff7e9595c
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