Foodpanda sees India among top 3 markets by fiscal 2019

Online food ordering and delivery firm Foodpanda expects India to be among its top three markets globally by fiscal 2019, even as it rubbished the reports of the company exiting the country.

"We are growing very fast in India and will be in the top three markets globally for the company by FY19. India is a very strong market for us," Foodpanda India CEO Saurabh Kochhar told PTI.

The local unit of the Berlin-headquartered company is the market leader in Indian food ordering industry, he added.

The top markets for the company are Russia, Singapore, Hong Kong, Saudi Arabia, India and Malaysia.

When asked about the reports that the company was looking to exit from the country, Kochhar said: "We have no plans to exit from the Indian market. We are best placed to grow and consolidate our leadership in the Indian market." According to Kochhar, during the last one year the company has seen 10 times growth in orders. "So we are looking to expand."

Foodpanda is eyeing profitability in India by FY19 as it continues to focus on technological innovations combined with adjustments to its business model.

The company is present in 40 countries and has 12,000 restaurant partners across over 200 cities in India with over 2,000 employees.