What Is HungryPanda?
HungryPanda, at its core, is simply a food delivery service platform built for mobile smartphone use. What makes HungryPanda particularly unique is that the app is built specifically for Mandarin-speaking Chinese consumers who are either temporarily or permanently living in a non-Mandarin-speaking nation; in particular, consumers looking for authentic Chinese food. While this may appear to be an extremely niche market, that is actually not the case at all. In fact, as of 2020, there are an estimated 50 million Chinese people living outside of mainland China, Macau, Taiwan, and Hong Kong. This being the current target group of consumers in conjunction with the massive demand for food delivery services, especially during the COVID-19 pandemic, has led to major growth from HungryPanda in recent months and years.
In February of 2020, HungryPanda was active and in use in 31 different cities across the globe. That number has now ballooned to 47 different cities, a rapid 16 city expansion in just a few months. As it currently stands, HungryPanda is in use in select cities across the United States, Canada, the United Kingdom, France, Australia, and New Zealand. The growth of the company does not simply apply to just 2020 — HungryPanda has grown 30-fold in the prior three years, a testament both to the number of Mandarin speakers abroad and the growing prevalence of food delivery service platforms. More so than just this, HungryPanda is already turning a profit in the United Kingdom and New York City, with strong plans to ensure profitability in all markets in the near future. This has unsurprisingly piqued the interest of many investors.
HungryPanda’s Recent Funding
Over the course of 2020, HungryPanda’s rapid explosion has brought about nearly all of its total funding. First, earlier in the year, HungryPanda raised a solid $20 million, which was certainly notable, but nothing compared to the company’s most recent funding round. In fact, in HungryPanda’s Series C funding round, the company raised an astounding $70 million, raising the total funding in 2020 up to $90 million. The most recent funding round was led by Kinnevik, with participation from 83North and Felix Capital as well. While these funding numbers remain impressive, 2020 was the first year in which the startup saw any money at all, with the $90 million it netted representing every dime of investment into HungryPanda thus far, making the recent growth even more impressive.
The money from investors will be used to continue growing the business into even more cities around the world, and eventually, in the long term, expanding the scope of the app to incorporate other languages as well. This company spurt will help other people living abroad to find authentic versions of their hometown food wherever they may be. Considering the 25% bump in food delivery platform usage in the United States this year alone, the expectations of the growing market into more niche sectors appears imminent.
HungryPanda is finding itself in the unique position of having grown tremendously without serious financial support until this year. Given the infusion of cash flow into the already successful company, which is beginning to turn a profit, there is a genuine belief that HungryPanda could become a food delivery service platform only second to the absolute top tier such as Uber Eats and Postmates. Given the specific target demographic of their own platform, expansion should be relatively easy given the lack of direct competition.
About the Author
Tom Price is a writer focusing on Entertainment and Sports Features. He has a degree from NYU in English with a minor in Creative Writing. He has been previously published for Washington Square News, Dignitas, CBR, and Numbers on the Boards.