To help address the needs of its delivery riders, the country’s leading online delivery service foodpanda has teamed up with Wasl Investment Finance Ltd, a non-bank finance company (NBFC), to provide accessible and flexible motorcycle loan options for its rider fleet.
A signing ceremony was held in this regard recently which was attended by senior officials from both organizations.
As per the arrangement, foodpanda riders can now get motorcycles on installments as low as Rs. 999/- per week. For riders’ convenience, the process to acquire a new motorcycle is also kept very simple. Any eligible rider can visit a nearby foodpanda pit stop with his valid CNIC and driving license for registration and a new motorcycle is handed over in the next few days.
The new bikes, compared to what the riders are mostly driving, offer significant fuel efficiencies which improve the economics of working as delivery riders. Furthermore, with affordable installment payments, the riders are able to own the asset within 18 months or less.
Speaking about the partnership, Muntaqa Peracha Managing Director & CEO foodpanda Pakistan said, “Safety and welfare of our delivery heroes is our top priority and partnerships like this will spell convenience and benefits for one of the company’s important stakeholders–the riders.”
“We are glad to be working with foodpanda in this project that will benefit and create an impact both financially from the new bike efficiencies as well as improve the overall experience for the riders. With this partnership, riders will no longer need to go through a stringent process, which is often the case when applying for a motorcycle loan,” said Faraz Zaidi, CEO Wasl Investment Finance Ltd.
Foodpanda is a leading delivery platform in Pakistan dedicated to bringing consumers a wide range of food, groceries and more, quickly and conveniently. Powered by technology and operational excellence, foodpanda is spearheading the growth of quick-commerce (q-commerce) across the country with its network of retail partners, as well as pandamart cloud stores to provide more on-demand options beyond the millions of food delivery options. Operating in more than 35 cities, foodpanda provides self-employment income opportunities to thousands of home chefs and delivery riders to earn a successful living as and when they choose to.
Wasl Investment Finance Limited is incorporated as a non-bank finance company (NBFC) which operates with an Investment Finance Services (IFS) License. The company mainly operates by making loans in the SME and microfinance sectors with a focus on cash flow-based program lending. The company has been in operation since 2020 and offers receivables factoring, agro loans and mobility finance as its frontline products.