DoorDash filed preliminary public providing paperwork Friday, revealing a 226 p.c enhance in income over the previous 9 months and a leap in market share within the final two years, in response to the U.S. Securities and Trade Fee submitting.
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San Francisco-based DoorDash was co-founded by Tony Xu, Stanley Tang and Andy Fang in 2013. Right now’s S-1 revealed that the corporate works with greater than 390,000 retailers, 18 million prospects and over 1 million “Dashers” throughout the U.S., Canada and Australia.
The corporate posted $885 million in income for 2019, up from $291 million in 2018. For the 9 months ended Sept. 30, 2020, DoorDash generated $1.9 billion in income, up from $587 million for a similar interval in 2019.
In the meantime, the corporate reported web losses of $667 million for the yr 2019 and $149 million for the nine-month interval ended Sept. 30, 2020, in comparison with web losses of $504 million and $203 million, respectively, reported for a similar time in 2018 and the identical nine-month interval in 2019.
As of October, the corporate mentioned, it holds roughly 50 p.c of the market share based mostly on complete gross sales, adopted by Uber Eats at 26 p.c.
The corporate acknowledged that COVID-19 accounted for a “significant increase” in income for year-over-year outcomes and that development “may not continue in the future, and we expect the growth rates in revenue, total orders and marketplace GOV to decline in future periods.”
DoorDash has raised $2.5 billion in enterprise capital funding, which included a $400 million Collection H spherical, led by Sturdy Capital Companions, again in June, in response to Crunchbase knowledge. That’s on a $16 billion post-money valuation, in response to Axios.
Its greatest shareholders holding Class A shares embody:
CEO Xu holds 41.6 p.c of Class B shares, whereas Fang and Tang every maintain roughly 39 p.c.
The corporate plans to price its IPO earlier than the tip of the yr and to checklist on the New York Stock Trade with the ticker image DASH.
DoorDash’s submitting comes on the heels of reported filings quickly to drop from Airbnb, Affirm, Roblox and Want. In the meantime, one other meals supply firm may be subsequent: Reuters reported yesterday that Instacart selected Goldman Sachs to steer a 2021 IPO at a $30 billion valuation.
Illustration: Li-Anne Dias