Deliveroo

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} Deliveroo is a food delivery service founded in 2013 in the UK. It was subsequently launched in Holland, France, Belgium, Ireland, Spain, Italy, Australia, New Zealand, Singapore, Hong Kong, the UAE and Kuwait. The service delivers dishes from Pizza Hut, KFC, MacDonalds, and from local restaurants and supermarkets.

History

2021

30% drop in stock value during the start of trading on the London Stock Exchange

At the end of March 2021, the shares of the Deliveroo food delivery service fell by 30% during the trading debut on the London Stock Exchange under the ROO ticker, the company's value decreased by more than 2 billion pounds. Analysts note that the reason for the fall, in particular, could be a conflict related to the working conditions of service couriers.

The long-awaited listing, the largest in the London market in a decade, was proclaimed by Finance Minister Rishi Sunak "a true history of British technological success," which could open the way for more primary public placements (IPOs) of technology companies. However, a few minutes after the start of trading, Deliveroo shares fell in price to £2.73, the market value of the company fell to £5.32 billion. As a result, Deliveroo raised £1.5 billion. Initially, the startup estimated its shares at 3.9 pounds apiece - this is the price at which the capitalization of the startup would be 7.6 billion pounds, which is at the bottom of the price range.

Deliveroo Food Delivery Service IPO Failed

The main factor in the unsuccessful IPO is believed to have been Deliveroo's conflict with its couriers due to working conditions (pay below the minimum, up to £2 per hour). Due to the reluctance to contact a company whose model of behavior with employees raises questions, Aviva Investors and Aberdeen Standard funds refused to participate in the placement, not taking into account smaller ones.

The secondary factors of the failed IPO were unfavorable market conditions and a two-class stock structure. The latter will allow the founder and CEO of the startup Will Shue to maintain control over Deliveroo for three years after placement.^[1]

Raising $180 million, company valuation - $7 billion

In January 2021, it became known that Deliveroo attracted about $180 million in investments. According to the results of the round of financing, the food delivery service was estimated at more than $7 billion.

According to Business Insider, the main investors in the deal were Durable Capital Partners and Fidelity, which had previously provided funds to the startup.

Food delivery service with investments of Yuri Milner Deliveroo estimated at $7 billion

Deliveroo intends to spend the attracted investments in expanding its product delivery service, as well as developing the dark kitchen segment - a kitchen that prepares only for delivery.

By January 2021, Deliveroo collaborates with more than 140 thousand restaurants and 110 thousand delivery service employees. According to Bloomberg, the company plans to hold an IPO in 2021 - presumably in April.

Business Insider notes that Deliveroo, like other fast-growing venture capital companies, operates primarily at a loss. Due to the coronavirus pandemic COVID-19 , restaurants in (Great Britain the main market for Deliveroo) were closed, so the company warned that its business could collapse. However, she then said that in 2020 the company will receive operating profit.

2015: Investments of Yuri Milner

In November 2015, the Yuri MilneradST Global Fund invested in Deliveroo, becoming the main investor in the $100 million round. Greenoaks Capital, Accel Partners, Hummingbird Ventures and Index Ventures also participated in that deal. At that time, Deliveroo was estimated at $600 million.^[2]

Notes