HungryPanda will use the funding to explore acquisition opportunities. Here are the top-line bullets you need to know.
HungryPanda, a food and grocery delivery startup, has raised $130M in a Series D round that drew participation from Kinnevik, Kreos Capital, Piton Capital, and 83North, among others.
How’s the company performing?
- UK-based HungryPanda is an Asian food delivery platform that provides authentic Chinese food and groceries.
- Its products include PandaFresh, a fresh food and grocery e-commerce platform, and VouchersPanda, a platform that offers discounted lifestyle services.
- Headquartered in London, the company currently operates in over 60 cities across 10 geographies: the US, the UK, Canada, France, Italy, Singapore, South Korea, Japan, Australia, and New Zealand.
Why does the market matter?
- The global online food delivery market is expected to reach a value of $63.6B by 2025, growing at a CAGR of 15.4%, according to Grand View Research.
- Changing consumer preferences are contributing to growth in this market. For example, the demand for fresh food options and fast delivery has increased, particularly among millennials.
- Online delivery volume skyrocketed in the face of pandemic-related lockdowns, store closures, and social distancing protocols.