Picnic Valuation, Funding & Investors

Ninja is an Abu Dhabi-based quick commerce operator delivering groceries and daily essentials within 10 minutes. Launched in UAE, it operates dark stores in major cities and expands through hyperlocal fulfillment networks.

ezCater is a Boston-headquartered online marketplace connecting users with local caterers for food orders. Founded in 2007, the platform facilitates group meals and events through ezcater.com, partnering with thousands of vendors nationwide.

Benlai Holding Group is a Shanghai-headquartered e-commerce operator focused on fresh groceries across China. Established in 2012, it sources produce, seafood, meats, dairy, and packaged goods directly from farms and suppliers for same-day delivery in major cities including Beijing, Guangzhou, and Chengdu. The platform maintains cold-chain logistics infrastructure and quality assurance labs to uphold food freshness standards, positioning itself as a key player in the daily shopping category.

LINE MAN Wongnai is a Bangkok-headquartered super app combining food delivery, ride-hailing, and e-commerce for Thailand. Formed by the 2020 merger of LINE MAN and Wongnai, it connects over 400,000 restaurants and merchants with consumers via on-demand services. The platform also offers grocery delivery and local deals, serving urban areas nationwide.

Movile is a Campinas-headquartered investment company that backs mobile commerce platforms across Latin America. It holds major stakes in iFood, Brazil's leading food delivery service processing millions of orders daily, and operates in ticketing through Sympla and children's content via PlayKids. Naspers has been a key shareholder since 2008, supporting expansions into the United States and France. Innova Capital joined as a partner in 2014. Founded in 1999, Movile focuses on online-to-offline applications in education, logistics, and entertainment sectors.

OPay is a Lagos-headquartered mobile money platform operating in Nigeria and Egypt. The app facilitates peer-to-peer transfers, bill payments, ride-hailing, and grocery delivery backed by Opera Software. OPay issues virtual debit cards and offers microloans through its wallet, integrated with POS terminals nationwide. The service powers merchant QR payments and airtime top-ups for underserved populations.

GoTo is an Indonesian ecosystem that combines ride-hailing, delivery, and financial services under one app. The company operates primarily in Indonesia and is the product of a merger between Gojek and Tokopedia in May 2021, but recently divested the e-commerce business into a combined entity with TikTok Indonesia in 2024. Looking ahead, we expect the on-demand service to account for the majority of revenue while its financial services begin to ramp. Prior to the deconsolidation, 82% of nonfinancial services gross transactional value came from e-commerce, and the firm will begin to expand into financial services such as providing loans and buy now, pay later programs. The company competes with Grab in the ride-hailing and delivery business.

Talabat Holding PLC is engaged in the on-demand online food ordering, delivery, takeaway and groceries and convenience retail marketplace in the MENA region, with operations in the UAE, Kuwait, Qatar, Bahrain, Egypt, Oman, Jordan, and Iraq.

Swiggy Ltd is a consumer-first technology company offering users an easy to use convenience platform, accessible through a unified app to browse, select, order and pay for food (Food Delivery), grocery and household items (Instamart), and have their orders delivered to their doorstep through on-demand delivery partner network. Its platform can be used to make restaurant reservations (Dineout) and for events bookings (SteppinOut). It has five business segments: Food Delivery, Out of home consumption, Quick commerce. Supply chain and distribution and Platform Innovations. Key revenue is generated from Food delivery business that offer on demand Food Delivery services through a network of restaurant partners and delivery partners, which is available through mobile application and or website.

Maplebear (Instacart) is a grocery-focused delivery marketplace that connects national and regional grocers with consumers and couriers, and consumers with their favorite stores. Its app provides on-demand convenience for consumers, allows couriers to earn income, and helps grocers to scale their business through digital channels. The marketplace gathers valuable consumer behavior data, attracting consumer-packaged-goods advertisers that seek to reach consumers at the point of purchase. With approximately 600,000 shoppers and 1,800 retail partners, Instacart delivers to about 98% of households in the United States and Canada.

Founded in 2012, Grab provides ride-sharing services, food and grocery delivery, and financial services (payments, consumer loans, and enterprise offerings) in eight Southeast-Asian countries through its mobile platform. The company partners with merchants and riders, connecting them with consumers while charging commission to both sides. Grab has a leading market share in and derives 89% of its revenue from its core businesses, ride-sharing and food delivery. Singapore, Indonesia, and Malaysia contributed more than 70% of revenue in 2024. Grab’s main competitors in Southeast Asia are Line Man and Goto. Its financial services business is still in its nascent stage and provides minimal revenue currently. The company now also generates advertising revenue.

Founded in 2011, Delivery Hero is an online delivery demand aggregator. The company is headquartered in Germany and operates in over 70 countries across Latin America, Asia, Europe, the Middle East, and Africa. Delivery Hero creates a marketplace for merchants to establish an online presence, market their offerings, and meet demand through delivery. Nearly half of Delivery Hero’s revenue is commission fees from merchants. Through its applications, which vary by region, customers can order meals, grocery items, pharmacy products, and retail goods. In addition, Delivery Hero operates Dmarts.

Andela is a global talent network, founded in 2014 in Lagos, Nigeria, that connects companies with vetted remote software engineers, initially sourced from Africa and now spanning more than 80 countries. Clients including GitHub, Cloudflare, and ViacomCBS use the platform to build remote engineering teams, with engineers placed for an average of 18 months per engagement. The company operates fully remotely and has grown from an African developer-training program into a global remote-engineering marketplace.

Pacaso is a San Francisco-headquartered marketplace for fractional ownership of vacation homes. Founded in 2020, it facilitates purchases of 1/8 to 1/2 shares in luxury properties in destinations like Napa Valley, Aspen, and Paris. Pacaso manages LLCs, properties, and app-based scheduling for owners. The platform expanded to the UK in 2022, handling resales and concierge services.

ShopMy is a curated commerce platform that connects premium brands, creators, and consumers through human-selected product recommendations rather than algorithmic feeds. Founded in 2020 by Harry Rein, Tiffany Lopinsky, and Chris Tinsley, it gives brands tools to run influencer campaigns, lets creators monetize recommendations, and offers consumers personalized shopping feeds through a feature called Circles, working with more than 1,200 brand partners including Lululemon, Nordstrom, Dior, and Gucci. The company is based in New York City and operates in more than 130 countries.

Tujia is a Beijing-headquartered vacation rental platform dominating China's homestay market. It lists over 1 million properties including apartments and villas across 345 domestic and 1,037 international destinations like Japan and Thailand. Founded in 2011, Tujia verifies listings through local inspections and backs bookings with a RMB 10 million compensation fund. Partnerships with Ctrip and Qunar drive 100 million annual users, with RBA services managing full operations for hosts in Beijing and Guangzhou.

Upside is a cashback marketplace enhancing value for brick-and-mortar retailers and consumers across the U.S. Washington D.C.-headquartered, it offers personalized rewards at gas stations, grocery stores, and restaurants like Shell, BP, and Safeway. The app verifies purchases via linked cards, directing 1 percent of revenue to local sustainability projects. Launched in 2016, Upside processes billions in annual transactions.

Cabify is a Madrid-headquartered ride-hailing service operating in Spain, Portugal, and Latin American countries including Mexico, Colombia, and Peru. The app offers economy, comfort, and premium vehicle classes with licensed professional drivers. Launched in 2011, Cabify integrates carbon offset options and corporate accounts for fleets. It competes in markets like Santiago and Buenos Aires with fixed pricing during peak hours.