Rocket Internet-backed Foodpanda India, which last year faced allegations of internal fraud and misappropriation of funds, is reported to be raising fresh capital.

It has mandated Mumbai-based mid-market investment bank O3 Capital for a US$40-60 million fundraise as it initiates talks with investors, reports the Times of India.

Foodpanda has already said it is selling its Indonesian business and rethinking its presence across the rest of Southeast Asia.

“To be certain, we are not looking to exit India,” says Foodpanda India CEO Saurabh Kochar. “We have grown rapidly over the past months while increasing our already positive operating margins.”

In the past six months, Foodpanda India is said to have had its average daily orders inch up to about 30,000. Swiggy, the market leader, clocks about 45,000 orders a day on average, while Zomato has about 35,000.

Over the past year, Rocket Internet global head of corporate development Spyro Korsanos has been stationed in India to get the business back in shape, according to an insider.

Launched in 2012, Foodpanda has a presence in 20 countries.