Foodpanda and hellofood, its affiliate, have secured $20 million in added financing from Phenomen Ventures and other investors, TechCrunch reported. The startup is incubated by Rocket Internet.

Proceeds from the latest funding round will allow foodpanda to grow its restaurant delivery marketplace according to its plan to launch in more than 40 markets by the end of the first quarter this year. There are now 22,000 restaurants that have partnered with foodpanda. The company is set to make its presence felt in Croatia, Bulgaria, Serbia, Slovenia, Kazakhstan, Azerbaijan, Tanzania and Uganda in the next few weeks. The app was introduced in more than 20 countries last year. It also rolled out its mobile app for iOS and Android to act as a supplement for its website, the report said.

With the proceeds from the most recent round, the total amount raised by foodpanda since it was launched a couple of years ago has reached $48 million. Phenomen Ventures and Investment AB Kinnevik invested $20 million in foodpanda in May last year. The startup also got another $8 million investment in September from iMENA Holdings, the report said.

AB Kinnevik and iMENA Holdings regularly invests in the startups produced by the incubator Rocket Internet. AB Kinnevik which holds headquarters in Sweden is also a stakeholder of Rocket Internet. It has also supported Lazada which put itself in the position as the "Amazon of Southeast Asia." Meanwhile, iMENA, is a Middle East and North Africa-focused firm that has recently poured $7 million in Rocket Internet's taxi-calling application called Easy Taxi, the report said.

Delivery Hero and Just-Eat are just two of foodpanda's rivals in the delivery services space. In its quest to gain an edge over the competition, foodpanda is setting its sights towards emerging markets located in Eastern Europe, Asia, Latin America and a portion of Africa, the report said.