Last Updated on: 21st November 2023, 09:18 pm
The UK’s fastest-growing takeaway app is gathering funds to supercharge global expansion
Foodhub, the UK’s fastest growing takeaway delivery app, is looking to raise £100M in private equity funds to turbocharge its hyper growth.
Despite only being launched in 2017, by Ardian Mula and Mohammed Shakil, Foodhub has already left many competitors trailing in its shadow, outpacing rivals in terms of both size, reach and funding.
Foodhub is already fast-approaching the size of industry giants like Just Eat and Uber Eats – challenging the former on cost per takeaway and beating the latter when it comes to number of takeaway partners in the UK. Foodhub recently overtook rival Uber Eats to become the UK’s third biggest online food-ordering portal.
The fast-paced disruptor brand has seen dynamic and rapid growth since launch, with the business establishing a turnover of around £30m in just three years due to accelerated expansion across the globe and month-on-month order growth that shows no sign of slowing down.
In the last year alone, Foodhub has begun trading in new territories across several continents, including the USA, Mexico, Guatemala, Ireland, and New Zealand, as it continues to add new international markets to its growing portfolio through high profile acquisitions.
Foodhub has 22,000 takeaways on its books, significantly more than the 18,000 restaurants working with Uber Eats, and the brand grew an astonishing 160% in 2020, after a huge swing towards takeaway orders during 2020’s lockdown.
In addition, the multi-million-pound takeover of Eat Appy at the start of 2021 has seen Foodhub enter the Australian market.
Now, the brand is setting its sights on further dynamic growth, looking to raise £100m to support its bold expansion plan. Based in Stoke-on-Trent with staff in India, Australia and the US, Foodhub’s turnover has already rocketed from £3m to approaching £30m in just three years and looks set to continue its impressive upward trajectory.
Aside from developing further global acquisitions in 2021, the private equity funds will be used to develop Foodhub’s existing operations in several territories, expanding the workforce across the globe and helping the brand to continue to refine and develop its unique offering while continuing to challenge the bigger players in the market.
On Foodhub’s global expansion, Chief Financial Officer Mohamed Chaudry said: “Foodhub is a truly global company, and now we have footholds in dozens of countries we’re looking to expand our offering in each territory fast. The £100M of PE funding will help to bring smaller takeaway aggregators under the Foodhub banner through acquisitions, as well as help us to scale up our operations in each location”
On Foodhub’s rapid rise to the top, CEO Ardian Mula said: “The reason we’ve been able to go from tech start-up to a major player in the industry is because we have a completely unique offering: we’re the only large takeaway app to offer a 0% commission model, meaning that its cheaper and more manageable to trade through Foodhub than it is through other apps. It’s our mission to support independent businesses all around the world, and the more we grow, the more business owners are learning just how Foodhub can help them thrive.”
