UK – The world’s leading Asian food delivery platform HungryPanda has successfully secured a US$55 million funding round meant to drive expansion into North America and service enhancements.
Mars Growth Capital, a joint venture between Liquidity Group and MUFG led the funding round. Existing investors Perwyn, 83North, Kinnevik, and Felix also participated in the funding round.
According to the delivery platform, the funding round is expected to consolidate its position in the Asian food delivery market by implementing improvements to its services while exploring new opportunities to serve a broader range of minority ethnic communities in North America.
HungryPanda has committed to enhancing services to support its delivery riders, striving to implement industry safety standards.
Since its inception in 2017, the startup has established itself as a leader in the Asian food delivery space, operating in 80 cities across 10 countries, serving more than 6.5 million customers in partnership with 100,000 merchants.
In 2024, the platform achieved profitability while maintaining an annual growth rate of 30%, a significant achievement in the highly competitive food delivery sector. The company currently targets US$1 billion in gross transaction volume before the end of the year.
The funding round reflects investors’ continued confidence in the delivery platform, perpetually sustained through previous funding rounds.
To date, HungryPanda has raised a total of US$275 million in funding, entering a new phase in its growth.
In 2021, the company raised US$130 million in Series D funding to expand into new markets and explore mergers and acquisitions.
Eric Liu, HungryPanda’s founder and CEO, said, “Reaching profitability while maintaining significant growth demonstrates the strength of our business model and our long-term vision. This success is a testament to the dedication and hard work of our entire team.”
“With this new funding, we are poised to accelerate our expansion into North America, elevate our services, and continue to champion the richness of Asian food culture on a global scale.”
Welcoming the investment, Mars Group Capital praised the delivery platform for carving out a unique niche in a highly competitive market which explains its double-digit growth.
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