 "Foodpanda India FY17 net loss narrows to Rs 45 cr")
Online food ordering and delivery platform Foodpanda India Wednesday reported a net loss of Rs 44.81 crore for the financial year 2016-17.
The company had posted a net loss of Rs 142.64 crore in the financial year 2015-16, Foodpanda said in a statement.
The company reported a 64 per cent rise in its revenues to Rs 62.16 crore in FY 2016-17 as against Rs 37.81 crore in the previous fiscal, owing to strong order growth in key markets, it added.
"We are rigorously moving towards strengthening our technology and delivery services in cognisance of the $50 billion worth of food services industry in the country," Foodpanda India Co-founder & CEO Saurabh Kochhar said.
Keeping customer centricity at the core, the company is making the food ordering experience seamless, personalised and intuitive, he added.
"We are working on both sides - partner restaurants and the end users to create an impact in the food tech industry," Kochhar said.
Foodpanda India currently fulfils 50 per cent of the orders through their own delivery services and uses a 100 per cent automation in the back-end for a seamless experience for the partner restaurants and users alike, the company said.
"Laying more focus on the per unit economics, Foodpanda India registered profits on every order fulfilled in the year. The company aims to be profitable by FY 2019," it added.
