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Foodpanda may pick up stake in TinyOwl


Its delivery time for the fast-growing delivery company.

Foodpanda is close to picking up a stake in Mumbai-based food ordering app TinyOwl said three people familiar with the development. This may turn out to be an early move towards consolidation in the red-hot food delivery space. The deal, when it goes through, will be a financial one and not strategic in nature, sources said.

Foodpanda’s investment in TinyOwl, founded by five IIT-Bombay grads in 2014, is part of a USD 40-million or INR 250 crore Series C financing round which will see existing investors Sequoia Capital, Matrix Partners and Nexus Venture Partners also participate.

TinyOwl, one of the fastest growing food ordering startups, has had a quick ramp-up after having started off in Mumbai in April 2014. It has so far scooped up USD 20 million in funds across two rounds. Present across six cities now, the location-based food ordering app is targeting to expand into 50 cities by the end of this year.

TinyOwl competes with Foodpanda and others like the recently launched Zomato delivery, Bengaluru-based Swiggy, among others. Besides the food delivery startups, there are multiple players in the online-restaurant and chef marketplace model, making food one of the most attractive and scalable verticals for risk investors to chase.

Source: Times of India

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