Delivery Hero, the company behind food delivery major Foodpanda, has exceeded its 2021 gross merchandise value (GMV) guidance for the year after generating a hair below U$11 billion in Q4 2021. Its Asia business (Foodpanda) contributed almost 68% of the amount.
Photo credit: Foodpanda
The company’s operations in the region generated US$7.4 billion in the fourth quarter of 2021, which marks a year-on-year increase of over 40%.
However, Delivery Hero’s EBITDA (earnings before interest, tax, depreciation, and amortization) losses swelled to US$888.8 million for the full year.
Meanwhile, Foodpanda’s total segment revenues in the reported quarter stood at US$997.8 million, an almost 62% jump over the US$616.2 million it recorded in the same quarter a year ago.
Orders have also gone up year over year, with Foodpanda seeing a year-on-year increase of 28% to US$510.9 million in the fourth quarter.
With this, Delivery Hero said it looks to achieve adjusted EBITDA breakeven in its platform business (the segments Delivery Hero has in Europe, MENA, Asia, and the Americas) in the next financial year.
See Also: Foodpanda grows revenue by 2.5x, but profit is still some distance away
Editing by Collin Furtado and Jaclyn Tiu
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