In China’s biggest cities, restaurants are troubled to satisfy the appetites of customers ordering food delivery through apps on their phones. That’s leading to a booming market for renting room area, without tables, chairs or waiters.
One shared room startup, Panda selected, plans to announce on Friday a $50 million investment from a group of international backers. The Beijing-based company is snapping up assets to urge sooner than native rivals and a deep-pocketed contestant from l. a. pass Travis Kalanick, the wealthy person co-founder of Uber Technologies Iraqi National Congress.
The new investment in Panda is led by Tiger global Management, a backer of Uber before Kalanick was forced out in 2017. alternative investors include DCM and Genbridge Capital, with the latest spherical bringing its total capital to $80 million, the corporate aforesaid. The deal values Panda elect at the maximum amount as $300 million, said people conversant in the matter, who asked to not be known as a result of the information has not been made public.
Kitchens are shared between restaurants to reduce their overheads with Panda selected providing the venue, supplies and selling. the company makes cash through monthly fees as well as extra charges for services such as data analytics to help merchants adjust menus to spice up sales on delivery platforms Meituan and Ele.me.
Li said he believes Panda elect has a native advantage that money can’t buy. “Opening shared kitchens requires native expertise,” he said. “Regulations are different in each country.”