Food delivery company DoorDash files IPO
The San Francisco-based meal delivery business recorded $1.9 billion in revenue in Q3 this year
DoorDash has filed for an initial public offering with the Securities and Exchange Commission in the US as it seeks to capitalise on increasing order intake it has seen this year. The company aims to enter the New York Stock Exchange and list its shares under the ticker DASH.
Based in San Francisco, DoorDash reported $1.9 billion in revenue in Q3 this year, more than tripling the $587 million of revenue it generated during the same period a year ago, said PitchBook data, noting DoorDash recorded a $23 million profit in Q2, posting $675 million in revenue.
“The company’s commanding share of sales helped it report profitability for the first time in Q2 2020,” said Alex Frederick, an emerging tech analyst at PitchBook. “We expect the company to continue to capitalise on the pandemic-fueled acceleration of food delivery trends and achieve stable profitability in the near term.”
The IPO comes four months after DoorDash closed its Series H funding round, raising $400 million. The investment valued the company at almost $16 billion.
Founded in 2013, DoorDash has attracted a customer base that today reaches 18 million people and 1 million ‘dashers’, as the company calls its network of partners who deliver the food from its clients.
The company said its mission is to enable brick-and-mortar businesses to thrive “in an increasingly convenience-driven economy with rapidly evolving consumer expectations”.