Foodpanda Malaysia has signed a Memorandum of Understanding (MoU) with Agrobank to provide financial aid for foodpanda vendors to start and grow their businesses through the HomeChef vertical.
The partnership will enable foodpanda’s vendors and delivery partners to access Agrobank’s Pemulih NewBiz financing programme, a micro financing scheme for individuals affected by the current economic challenges but aspire to start their own home-based business.
Foodpanda Malaysia chief executive officer Sayantan Das and Agrobank president and chief executive officer Tengku Ahmad Badli Shah Raja Hussin signed the MoU at a ceremony held at foodpanda’s HQ in Bangsar South on Nov 1, 2022.
Sayantan said the company believes in empowering entrepreneurship to boost the growth of local businesses.
“Foodpanda does not function as a mere passive marketplace where vendors can connect with their customers, but we strive to nurture and support them to achieve their full potential.
“We are confident that with this Agrobank partnership, we can synergise our strengths and deliver great changes for aspiring entrepreneurs on our platform,” he said.
Tengku Ahmad Badli Shah said the partnership will further boost the bank’s vision of leading the nation’s agricultural sector to meet the needs of the agrofood communities, including those carrying out upstream and downstream activities.
“We are honoured to ink this MoU with foodpanda where we will provide our financial expertise and support to its existing and potential vendors and delivery partners under their HomeChef initiative through our Pemulih NewBiz financing programme.
“Agrobank’s ongoing efforts through our full-chain financing programmes are in line with the National Agro-Food Policy which contributes meaningfully to the national GDP, while increasing food safety and self-sufficiency levels in Malaysia,” he said.
HomeChef is foodpanda’s initiative to develop the growth and expansion of home-based businesses while connecting customers to unique homey dishes via the foodpanda platform.
To date, there are more than 5,000 HomeChef vendors under foodpanda Malaysia.
Under the Pemulih NewBiz financing programme, applicants will be given a moratorium for the first six months and charged a 3% profit rate for the seventh month with a maximum financing period of up to 60 months.
The financing can be used for the purchase of fixed assets and working capital for business activities such as distribution and delivery of food through p-hailing platforms such as foodpanda.
Foodpanda delivery partners, too, can obtain financing to purchase motorcycles through this programme.
