Food delivery platform Foodpanda announces job cuts

Singapore-headquartered food delivery company Food Panda is cutting jobs. The company confirmed to CNBC that it is conducting its latest round of layoffs as the need to be “more agile remains critical.”This is Foodpanda’s third round of layoffs since job cuts in February and September last year. The layoffs come as Foodpanda parent Delivery Hero is reported to be in preliminary discussions with potential buyers to sell part of its Southeast Asian food delivery business.

In 2021, the company wound down operations in Germany and exited the Japanese market in December 2021 as part of its strategic move to improve profitability. There are also speculations that Grab, a major competitor to Foodpanda, may buy the company’s Southeast Asia businesses. Grab is the leader in Southeast Asia’s food delivery market, holding 54% of the region’s gross merchandise value in 2022, while Foodpanda captured 19% and Gojek held 12%, according to a report from tech research firm Momentum Works.