Ola to invest ₹400 crore in Foodpanda

Others, Startups

Ola, on Monday announced that it is planning to invest ₹400 crore in the newly acquired food delivery arm Foodpanda India. Ola, said the investment would be used to scale up technology.

The company plans to hire 25,000 delivery riders in the next 12 to 15 months. “Creating a strong delivery ecosystem backed by technology is one of the most fundamental needs of the Indian food tech industry,” said Pranay Jivrajka, CEO.

Along with competing with food delivery players like Zomato and Swiggy, the cab aggregator Ola also takes on its global rival Uber’s UberEATs, which was launched in India with Mumbai in June 2017, and then later expanded to Gurgaon, Bangalore, Chennai, Chandigarh, Delhi, and Hyderabad.

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