India, an online marketplace for food delivery, on Friday, reported a nearly four-fold widening of loss to Rs 142.6 crore for 2015-16 on account of higher investments in technology, delivery and marketing.
The company had logged a loss of Rs 36 crore in 2014-15, the Rocket Internet-backed Foodpanda
said in a statement.
"The losses are on account of higher investments in technology, delivery and marketing. We are running our services at operational profitability since February 2015," a company spokesperson told PTI.
However, the company's revenue
rose around eight-fold to Rs 37.81 crore as against Rs 4.7 crore in 2014-15, the company said.
growth can be attributed to strong order growth in key markets and increase in commission. With continued focus on achieving 100 per cent automation, the aim is to turn profitable by 2018-19, Foodpanda
"We are extremely happy with our performance in 2015-16. We have not only registered 800 per cent growth but also become operationally profitable in both our business lines — marketplace and delivery," Foodpanda India
Co-Founder and CEO Saurabh Kochhar said.
This furthers the company's position as pioneer and market leader in the online food delivery space, he claimed.
At present, 40 per cent of the orders is delivered by Foodpanda
delivery services and the rest 60 per cent by restaurants. This is a jump from December 2015 when only 25 per cent of the orders were delivered by Foodpanda
delivery services, the company said.