16th September 2015
Below is a link by www.livemint.com, to a riveting read on Rocket's Foodpanda business in India. It's a real page-scroller with claims of dodgy cupcake orders, related party transactions, ghost restaurants and shambolic controls.
Sunny Goel seems to be on Foodpanda India's most wanted list. Most wanted for reportedly setting up 70 fake restaurants.
If I was an investor in Rocket, it would be enough to put me off my Foodpanda order. Fortunately, I am short.
Incidentally, according to Rocket's 2014 report, Foodpanda racked up an impressive €6.7 million in revenue and a €38.5 million EBITDA loss during 2014. Which is obviously why it was reportedly valued at €403.8 million, with Rocket's share being 52.1% or €210.5 million. Hmm ....
Source: Rocket Internet 2014 annual report
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