To finance working capital for its partners, which include restaurants, HomeChefs, and riders, foodpanda, the top food delivery service in Pakistan, has teamed with ABHI, the top embedded finance platform in the MENAP area. The collaboration intends to increase partners’ access to official financing.
Foodpanda has significantly contributed to the expansion of Pakistan’s booming food business by offering on-demand delivery services. Foodpanda’s collaboration with ABHI will enable it to provide working capital finance to merchants and personal financing to delivery riders across the nation, supporting the growth of its partners.
At the signing event, Foodpanda CEO Muntaqa Peracha expressed his thoughts and stated, “We’re devoted to assisting our partners and helping them build their businesses. We will provide our partners with access to operating capital for expansion and promoting economic growth through our strategic cooperation with ABHI. We are confident that providing our partners with the necessary financial means would have a significant impact on the industrious Pakistanis’ ability to support themselves, resulting in progress and sustainable growth.
We’re thrilled to be the first official quick credit supplier for thousands of foodpanda partners, said Omair Ansari, CEO and co-founder of ABHI, in response to the collaboration. Our agreement will give the food industry easy access to working cash, enabling them to grow their businesses, add more jobs, and stimulate the economy.
The relationship between FoodPanda and ABHI is a significant advancement for Pakistan’s food business. By this alliance, the partners of foodpanda will have immediate access to operating money, enabling them to make inventory purchases, make on-time vendor payments, process payroll, and expand their businesses. The collaboration highlights how technology and creativity have the power to reinvent established businesses and promote sustainable growth and development in developing nations like Pakistan.