Latest news with #MuntaqaPeracha
Yahoo
a day ago
- Business
- Yahoo
Foodpanda plans to double business in Pakistan
Food delivery platform Foodpanda plans to increase its gross merchandise value in Pakistan by 100% up to 2028, as reported by Bloomberg. Foodpanda Pakistan head Muntaqa Peracha noted that the anticipated economic growth in the nation is expected to support the company's efforts to attract additional users and boost order volumes across the 35 cities in which it operates. The food delivery platform, a subsidiary of Germany's Delivery Hero SE, has a strong presence in Asia. Foodpanda faces competition from companies such as Grab Holdings in Southeast Asia and Meituan in China. Although Delivery Hero does not provide detailed financial figures for its operations in Pakistan, Peracha states that the country is a promising growth market. The company has withstood Pakistan's challenging economic environment, marked by high inflation, which has led to the closure of competitors such as Uber Technologies' Careem and Airlift Technologies. The economic situation is now improving, aided by loans from the International Monetary Fund, which enhanced financial stability and positively impacted the nation's credit rating. Peracha was quoted by the news agency: 'We have enough people who think digital first — when they think about food, they don't think about calling up a restaurant. 'You need to have a bit of patience to go through the peaks and the troughs and just survive. So we are figuring out what we can do as an organisation to show that Pakistan still has potential.' In December 2024, Taiwan's Fair Trade Commission blocked Uber Technologies' $950m acquisition of Delivery Hero's Foodpanda, citing concerns over potential anti-competitive effects. "Foodpanda plans to double business in Pakistan" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Foodpanda aims to double its Pakistan business in 3 years
Foodpanda is owned by Germany's Delivery Hero SE and has a strong presence in Asia. (Profit pic) KARACHI : Online food delivery platform Foodpanda said it aims to double the gross merchandise value at its Pakistani business in three years as the South Asian nation's economy stabilises. 'Economic growth in the nation, which is the world's fifth most populous, will boost the business as the unit works to bring more users and increase order sizes in the 35 cities where Foodpanda operates,' the business's local head Muntaqa Peracha said in an interview. 'We have enough people who think digital first – when they think about food, they don't think about calling up a restaurant,' said Peracha. As many as 10 million people a year order from the platform in Pakistan. Foodpanda is owned by Germany's Delivery Hero SE and has a strong presence in Asia, where the market is geographically fragmented and dominant players often compete on price. The company competes with Grab Holdings Ltd in Southeast Asia and Meituan, the Chinese e-commerce giant. Delivery Hero doesn't break out its results for Pakistan, but Peracha said he's trying to raise its profile as a high-growth market for the business. The online food delivery market in Pakistan is expected to reach US$2.35 billion this year and revenue will grow at about 8% annually driven by higher smartphone use and a young, more urban population, according to data from research firm Statista Market Insights. The company had recently weathered a period of record inflation in Pakistan that drove a number of companies out of business, including some rivals such as the local unit of Uber Technologies Inc's Careem Inc and Airlift Technologies Pvt. The economy is recovering after Pakistan secured loans from the International Monetary Fund that improved its financial conditions and helped it improve its credit rating. 'You need to have a bit of patience to go through the peaks and the troughs and just survive,' said Peracha. 'So we are figuring out what can we do as an organisation to show that Pakistan still has potential,' he said. Delivery Hero has been working to exit some parts of Asia. Foodpanda recently quit Thailand while the sale of its Taiwan business to Uber was terminated because of regulatory issues. It was also in talks last year to sell the Foodpanda brand in Singapore, Malaysia, Philippines, Cambodia, Myanmar and Laos, but didn't reach a final agreement.
Bloomberg
2 days ago
- Business
- Bloomberg
Foodpanda Aims to Double Pakistan Business in Three Years
Online food delivery platform Foodpanda said it aims to double the gross merchandise value at its Pakistani business in three years as the South Asian nation's economy stabilizes. Economic growth in the nation, which is the world's fifth most populous, will boost the business as the unit works to bring more users and increase order sizes in the 35 cities where Foodpanda operates, the business's local head Muntaqa Peracha said in an interview.
Business Recorder
2 days ago
- Business
- Business Recorder
foodpanda added $1.2bn to economic activity in FY24: study
KARACHI: An independent study has revealed that foodpanda contributed a remarkable $1.2 billion to Pakistan's economic activity during the fiscal year 2023–24 (FY24), underscoring its growing role in the country's digital economy and job creation. foodpanda on Wednesday has released its comprehensive 'Economic Impact Assessment of foodpanda in Pakistan' study, independently conducted by the Lahore University of Management Sciences (LUMS). The first-of-its-kind study unveils the significant economic contributions of foodpanda to Pakistan's economy. The study, spearheaded by an accomplished team at LUMS, utilized primary and secondary data sources including input output multipliers for the local economy to establish a technical assessment of the businesses' contribution to the fabric of the economy. The study reveals a projected $1.2 Billion or PKR 335 billion contribution to Pakistan's economy in FY24, with the number continuing to increase compared to the previous 2 years. The study also finds strong multiplier effects across food, hospitality, manufacturing, transport, and retail. In FY24, foodpanda facilitated PKR 75 billion in restaurant GMV (total revenue accruing to restaurants through the platform), significantly boosting income and jobs in the sector. In the same year, the platform also contributed PKR 9.76 billion in taxes and has empowered over 50,000 riders and numerous entrepreneurs, driving financial inclusion via fintech. Commenting on the collaborative effort, Muntaqa Peracha, CEO foodpanda Pakistan said that in-depth study by LUMS is a powerful validation of foodpanda's significant role in Pakistan's economic landscape. It showcases strong multiplier effects across industries and highlights our role in directly boosting income and jobs, along with a significant tax contribution. 'The insights provided by the research are invaluable, and fuel our determination to continue innovating, expanding our services, and improving financial inclusion and social responsibility, all while building a truly prosperous digital future for Pakistan', he added. Also speaking on foodpanda's impact on the nation's economy, Dr. Kashif Z. Malik, Associate Professor, Department of Economics at LUMS, commented, 'Our research at LUMS reveals that foodpanda's impact extends far beyond just food and grocery delivery. This study highlights its fundamental role in stimulating growth across a diverse range of sectors, empowering a significant number of individuals through entrepreneurship and livelihood opportunities, and contributing substantially to the digital and financial inclusion landscape of Pakistan.' The study unequivocally demonstrates the platform's transformative impact on Pakistan's food delivery ecosystem, creating substantial opportunities for small businesses and gig workers while making a significant contribution to the national economy. Micro-level impacts include 100% income growth for 13,000+ partner restaurants, an average PKR 120,000 monthly income for 7,000+ HomeChefs (primarily women), and income increases for 57% of 50,000+ freelance riders. foodpanda is steadfast in its commitment to enabling an inclusive digital economy and continues to innovate and expand, it remains dedicated to empowering individuals, supporting businesses, and enabling sustainable growth, solidifying its position as a key contributor to the nation's prosperity. Moreover, the scale of foodpanda's investment and the resulting economic and financial inclusion highlight the immense potential within Pakistan and the strength of its evolving digital ecosystem, encouraging further investment in the sector. Copyright Business Recorder, 2025
