Local venture foodpanda's going places

[SINGAPORE] Local food delivery venture foodpanda has emerged as the fastest expanding startup of Rocket Internet, a German incubator best known for replicating tried-and-true ventures in the US and rapidly taking them to emerging markets.

In just 22 months since its launch, foodpanda has mushroomed to over 40 countries and partnered some 22,000 restaurants - making it most likely the next behemoth in the global food delivery market.

In comparison, GrubHub, currently the largest food delivery service in the US and a merger of former competitors, Chicago-based GrubHub and New York-based Seamless, counts about 28,800 restaurants across 600 cities in the US and London on its network. Last month, it announced plans for an initial public offering that could raise up to US$177.9 million.