HungryPanda Secures $55M Funding for Asian Food Delivery App

HungryPanda, a food delivery app for the Asian diaspora, has secured $55 million in funding. Founded in London in 2017, it targets Chinese and other Asian consumers living abroad. The app claims to be the largest in its niche, competing with Fantuan and FreshGoGo.

HungryPanda operates in 80 cities across 10 countries, boasting 6 million customers, 100,000 merchants, and 80,000 riders. The company aims for $1 billion in gross transaction volume this year and is already profitable.

Founder Eric Liu started the app to address his own needs as a student in the UK. He found it difficult to order authentic Chinese food due to language barriers and menu adaptations. HungryPanda’s focus on younger, student consumers helped it achieve better unit economics than broader platforms.

The Chinese diaspora alone numbers over 50 million globally, creating a substantial market. HungryPanda’s success has inspired similar apps and even transformed some towns into food destinations, driven by social media buzz.

Mars Growth Capital led the latest round, with previous investors also participating. The company’s valuation remains undisclosed, but its rapid growth suggests it’s likely higher than the $289 million listed in 2020.