Nauman Sikandar Mirza, the CEO of Foodpanda Pakistan, has stated that the company will break even in 2023.
During an interview, the CEO of the online food and grocery delivery platform stated that the company’s top line has been expanding at a rate of more than 50% annually over the past three years.
“We haven’t yet reached breakeven.” Pakistan is a country that is geographically dispersed. So the expansion isn’t as cost-effective as it is in other countries,” said Mr Mirza, who established The Food Connection, an online food guide that ultimately developed into EatOye, in 2011.
Meanwhile, Delivery Hero, a European multinational, established Foodpanda in Pakistan in 2013, purchased EatOye in 2015, and has retained Mr Mirza as CEO since then.
Foodpanda has been chastised on social media for charging exorbitantly high commissions to smaller eateries while charging a reduced cost to larger establishments.
“This isn’t correct. “Our commission rates range from 22-23 percent to 29-30 percent,” he stated, describing the company’s four-tier compensation system.