Rocket Internet’s Foodpanda sells Russian business for $100m

Acquirer Mail.Ru is a Russian internet company that listed on the London Stock Exchange in 2010.

Foodpanda claims the sale allows it to further expand in its 20 core countries. However, the food delivery service had to retreat from several markets recently, giving up its business in Indonesia and Vietnam in 2015. According to news website Gruenderszene, the business was present in around 40 countries at the height of its expansion in early 2015.

Foodpanda's Russian business recently accounted for 10% of its global revenues. Foodpanda entered the Russian market in 2012 and in 2014 acquired local competitor Delivery Club.

Previous funding
Investment AB Kinnevik and Phenomen Ventures led the $20m series-A for Foodpanda in April 2013. In September that year, the company raised an $8m series-B round led by Dubai-based investor iMENA Group. The series-C in February 2014 saw Kinnevik and Phenomen recommitting with $20m. In August that year, Falcon Capital and Rocket Internet led a $60m round. Rocket Internet led the $110m series-E in 2015, with another $100m round led by Goldman Sachs Investment Partners a few months later.

Company
Foodpanda is an online food ordering platform that emerged out of Berlin-based accelerator Rocket Internet.

The company aims to increase sales and analytics for restaurants through online as well as mobile platforms. In addition, it offers an online marketplace with a wide range including salads, pizzas, burgers and sushi for consumers.

Foodpanda has a particular focus on emerging markets in South America, Asia, Africa and eastern Europe. It says its core markets are Singapore, Hong Kong, India and Saudi Arabia.

People
Foodpanda – Ralf Wenzel (founder, CEO).
Mail.Ru – Dmitry Grishin (chairperson). 

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• Topics
• Exits
• DACH
• Technology
• Internet
• Germany
• Partial sale