Foodpanda India managing director Rohit Chadda (Shown Above) has stepped down from the company to start a new mobile-based venture of his own.
“I have personally decided to step aside from my role as MD of the company to pursue new initiatives. I have resigned from the position from August 1,” said Chadda, according to a report by ET.Now, he will continue to be a shareholder in the company without being involved in daily operations.
Rohit Chaddha had launched Foodpanda in India 2012 with Amit Kohli and Akhilesh Bali. There was a change in management in March 2015 in this Rocket Internet backed company when PrintVenue Founder & Chief, Saurabh Kocchar, took the position of the CEO.
In a separate news this week, the company is also soon going acquire Mumbai-based food ordering app TinyOwl, which last raised $15 million in series B funding. Neither Foodpanda nor TinyOwl have confirmed this as of now, when iamWire team met Saurabh Kocchar in June earlier this year he said that these (food tech) startups are bringing in fresh competition and they had no plans of acquiring TinyOwl or any other food tech startups as of then.
Foodpanda is also looking for a strategic investment in another food ordering app, Swiggy. While the talks for TinyOwl are at final stage, as per HBL, the German food-tech company has started its technology integration with Swiggy.
Foodpanda alone raised $100 million in funding led by Goldman Sachs in May this year, and TinyOwl is looking for investors for raising a fresh round of funding. TinyOwl has spent huge cash in advertising and promotions, and recently launched its services in Pune, Bengaluru, Hyderabad and Gurgaon. Also, it is targeting a presence in 50 cities by the end of 2015. It has more than 4,000 restaurants on its platform.
In November 2014, Foodpanda acquired its rivals TastyKhana and JustEat.in in February. Zomato is also looking to acquire minority stakes in food-ordering firms. The competition in food delivery system keeps getting stiffer by day in India.Category Business