Rocket Internet Backed Foodpanda desperately seeking a buyer for its troubled operations in India humble price of $ 10-15 million. Samwer brothers led- Rocket Internet interest in its in Indian portfolio has been declining in most of its leading companies, including FabFurnish and PrintVenue.
Despite the low valuation of the buyer of a platform for ordering food platform is not found, indicating that it may decide to close operations in India soon.
The company is investing money heavily on the Indian market and has become one of the biggest players in online ordering food. It acquired TastyKhana and Just Eat in India last year, to reflect as a competitor like Zomato, Swiggy and TinyOwl.
Foodpanda last year were laid off 300 employees. It also reports of alleged fraud and systematic differences in activity in the previous year.
It is not only Foodpanda who got a black belt, competitors like Zomato and TinyOwl together and cut more than 500 employees and reduce its operations. They have stopped operations in many cities, which they started.
Foodpanda reported a loss of Rs 36 Crore in March 2015.