HungryPanda Raises $130 Million to Grow Asian Food Delivery Firm

(Bloomberg) -- Asian food delivery startup HungryPanda has raised $130 million in new funding to expand its business delivering meals and groceries.

The London-based firm, founded in 2017, raised its new financing in a round led by investment firm Perwyn, according to a statement on Friday. In total, the company has now raised $220 million in the last three years to fund operations in more than 60 cities and 10 countries.

In the past year, HungryPanda expanded into new countries across Asia, and the firm is also broadening its offering to include Asian groceries. The new funds will be used to expand in existing countries, and explore new business opportunities and potential acquisitions.

It’s too early to discuss a potential initial public offering or another route to an exit for investors, Chief Financial Officer Frank McGlade said in an interview.

“We’ve got that unique supply, we’ve got a lot of exclusive relationships with our partners,” McGlade added. “We’ll keep our options open, but the point is we want to play into being the undisputed leader in this space. We’ve got a ton of other verticals we want to look at.”

Other investors participating in the round included Kinnevik AB, Felix Capital, 83North, Piton Capital, Vintage, Burda Principal Investments and debt provider Kreos Capital, the company said in the statement. 

“We’re just scratching the surface, especially on the grocery side, we have set up the infrastructure to scale and this round will support our next wave of international expansion,” added Felix Capital co-founder Antoine Nussenbaum in an interview. 

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