What is DoorDash
DoorDash: Everything about the Red-Hot IPO of the Food Delivery App and US market leader in delivery services
DoorDash Inc., a leading US grocery delivery company, is capitalizing on the pandemic-triggered boom in demand for meals brought to the doorstep and the (worrying) hype of technology companies on the Nasdaq.
The detailed documents for the IPO were submitted to the US Securities and Exchange Commission - or SEC for short - last Friday.
DoorDash, based in the Californian technology metropolis San Francisco, intends to list its own shares on the New York Stock Exchange (NYSE) under the ticker symbol "DASH".
The US startup was founded in February 2013 by four Stanford University students. This year the company achieved a strong leap in sales due to the “stay at home” policy and, surprisingly, at least a profitable quarter.
“The circumstances that accelerated the growth of our business due to the effects of the COVID-19 pandemic may not continue in the future. We assume that the growth rates in sales, total orders and marketplace GOV will decrease in future periods, "said the company in a statement.
DoorDash Inc. was valued at around $ 16 billion in the startup's final financing round. Meanwhile, around 2.5 billion US dollars have been collected from investors.
In the first nine months to September, the online delivery service generated company revenue of $ 1.9 billion, a significant increase from the previous year to $ 587 million.
DoorDash Inc. reported a net result of minus $ 149 million in the same period in 2020, a significant improvement over the previous year with a loss of $ 533 million. Operating cash flow was plus $ 315 million (previous year: minus $ 308 million).
“Enlarging and strengthening local communities” is the official mission of the US company. According to its own information, the platform serves around 18 million customers and has around one million so-called “dashers”. These are contractors who transport orders from restaurants to customers.
As of September 30, 2020, the company had more than five million customers with its DashPass service for $ 9.99 per month. The offer offers customers free delivery from restaurants.
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