Startups

Food delivery startup DoorDash prepares for $30 billion IPO | Tech News


DoorDash has forever changed the way we order foods online. With the COVID-19 pandemic, the food delivery app has seen a surge in its app usage, placing DoorDash well above rivals GrubHub and UberEats. Now, the food startup thinks it’s time to go public.

Today, DoorDash revealed in a new filing that it is looking to raise up to $2.8 billion in its IPO, which would value the company at $30 billion, nearly double what it was in June when we covered the food tech startup after it raised $400 million in new funding at $15 billion valuation.

DoorDash hopes to list 33 million shares at a price between $75 and $85. The company will list its shares on the New York Stock Exchange under the symbol DASH. DoorDash released its first filing to go public with the Securities and Exchange Commission about two weeks ago.

Founded in 2013 by four Stanford students with experiences from Facebook, Square, Vevo, and eBay, DoorDash provides on-demand restaurant food delivery services connecting customers with local businesses across the United States and Canada. The company is passionate about transforming local businesses and dedicated to enabling new ways of working, earning, and living.

DoorDash was first launched in Palo Alto and, as of May 2019, the delivery startup expanded to more than 4,000 cities and offers a selection of 340,000 stores across the U.S. and Canada. The company is currently worth more than $16 billion and is the largest third-party delivery service in the USA, surpassing Grubhub.

On November 6, 2015, In-N-Out Burger filed a lawsuit against DoorDash claiming trademark infringement and unfair competition. Two months later the lawsuit was dismissed. DoorDash no longer delivers food from In-N-Out Burger.

DoorDash’s top competitors include Postmates, HelloFresh, GrubHub, Deliveroo, iFood, and Tapingo. DoorDash is a technology company that provides an on-demand delivery service connecting customers with local businesses.




Source link

Leave a Reply