HungryPanda Secures $55 Million in Funding to Expand its Asian Food Delivery Platform
HungryPanda, a leading food ordering and delivery app catering to the Chinese and wider Asian diaspora, has announced a new round of funding worth $55 million. This investment will be used to further develop the business and venture into new categories such as groceries. Founded in 2017, HungryPanda has established itself as the largest Asian overseas food delivery platform, with a customer base of 6 million, 100,000 merchants, and 80,000 riders across 80 cities in 10 countries.
The company aims to reach $1 billion in gross transaction volume this year and has already achieved profitability. With the support of Mars Growth Capital and other investors, HungryPanda is set to expand its services in North America and continue promoting Asian cuisine worldwide.
HungryPanda's success stems from its founder's personal experience as a Chinese student in the UK, where he struggled to find authentic Chinese food. The app was created to address the needs of expats who prefer traditional cuisine and take their food seriously. By focusing on younger eaters, particularly students, HungryPanda has been able to create a profitable business model that has influenced the food delivery industry as a whole.
The Asian food delivery market, with an estimated 50 million first-generation Chinese consumers globally, presents a lucrative opportunity for companies like HungryPanda. Beyond food consumption, these platforms have become cultural hubs, attracting a growing number of users in search of authentic Asian dishes. This trend has even led to the transformation of certain cities into culinary destinations, showcasing the power of social media and word-of-mouth marketing.
In conclusion, HungryPanda's recent funding round signifies its continued growth and influence in the Asian food delivery sector. By tapping into the demand for authentic cuisine among diaspora communities, the company has positioned itself for further expansion and success in the global market. Investors and consumers alike should take note of HungryPanda's innovative approach and potential for long-term profitability.