Deliveroo revenue to hit €166m this year
Published 07/06/2016 | 07:31
Deliveroo, the London-based food delivery network, is due to hit revenues of £130m (€166m) this year, solidifying its position as one of the UK’s most-promising technology companies.
The sales figure, an internal projection the company is understood to have shared with investors, represents growth of more than 1,000pc in the last year, and comes as the company spreads across more than 65 cities.
Deliveroo pays self-employed cyclists and drivers to deliver takeaway food from restaurants without their own takeaway network. A smartphone app allows diners to browse local restaurants to order from, with Deliveroo itself taking a £2.50 fee.
Major restaurants including Pizza Express and Gourmet Burger Kitchen have also signed up to use the service, and its delivery drivers have become a common sight in many British cities. The company has also launched in major cities in Europe, Australia and Asia.
The company, founded in 2013, has raised $200m (£140m) in funding in the last two years at a reported $600m valuation, but has not disclosed sales figures.
£130m would represent monthly sales more than 10 times those of early last year, when the company said annualised revenue was approaching eight figures.
A spokesman said: “We don’t comment on specific financials. Our current focus is actively investing in growth and creating the best possible food delivery experience globally. We’ve had a 25pc month-on-month growth since inception, while our daily orders have grown tenfold since January 2015.”
Deliveroo could soon face competition from car-hailing app Uber, which is preparing to launch its food delivery service in the UK.