Latest news with #Wolt
Time Magazine
26-06-2025
- Business
- Time Magazine
TIME100 Most Influential Companies 2025: DoorDash
Just over a decade ago, DoorDash's four founders, then the company's only delivery drivers, kept busy tacking fliers to Stanford bulletin boards. Today, DoorDash is the top U.S. food delivery platform by market share and is starting to flex its global muscle. In May—just a few months after New York's Attorney General announced a $16.75 million settlement with the company over its delivery worker pay practices—DoorDash announced a $3.9 billion deal to acquire U.K.-based Deliveroo, expanding its reach to 40 countries. Successful international expansion has required paying close attention to varied local preferences, President and COO Prabir Adarkar says. Most Finns prefer no-contact delivery, for example, so the company (which operates its Wolt app there) enhanced tracking features to better meet those expectations. In Australia, DoorDash expanded into groceries and other retail items to meet demand. Tailored approaches seem to be paying off: 2024 was the company's first profitable year since going public in 2020. What's next? Making the 'last mile' faster and greener, Adarkar says, including through drones and sidewalk robot deliveries. 'The future is about enhancing accessibility and convenience in every neighborhood,' he says.
CBS News
06-05-2025
- Business
- CBS News
DoorDash reports record first-quarter revenue, with plans to broaden its reach
DoorDash said Tuesday that demand for deliveries remained strong in the first quarter even as more Americans feel increasingly uneasy about the U.S. economy. Total orders climbed 18% to 732 million, a quarterly record. Demand for grocery delivery surpassed prior quarters. DoorDash also added U.S. restaurants to its platform and broadened its geographic reach. DoorDash confirmed that it will acquire Britain's Deliveroo for 2.9 billion pounds ($3.9 billion) in cash, expanding its business in Europe, Asia and the Middle East. Deliveroo first announced it had received a bid from DoorDash just over a week ago. SevenRooms It also said Tuesday that it had purchased SevenRooms, a New York company that makes hospitality management software, for $1.2 billion in cash. DoorDash said the deal will expand its offerings to merchants and help them grow in-store sales and customer relations. DoorDash expects the SevenRooms deal to close in the second half of this year. The deals are the biggest for DoorDash since 2022, when it bought Finnish rival Wolt Enterprises for $8.1 billion. That acquisition brought DoorDash into 22 countries where it didn't already operate, including Germany. With the addition of Deliveroo, DoorDash said it will now operate in 40 countries. Revenue at DoorDash rose 21% to a quarterly record of $3.03 billion. That was short of Wall Street's forecast of $3.09 billion, according to analysts polled by FactSet. Net income was $193 million, a year after the company reported a $23 million in the January-March period. Adjusted for one-time items, the company earned 44 cents per share, topping Wall Street expectations by a nickel. DoorDash shares were down 8.3% on Tuesday.
Fast Company
06-05-2025
- Business
- Fast Company
DoorDash agrees to buy Deliveroo for $3.9 billion
DoorDash, the ubiquitous U.S. food delivery app, has agreed to acquire British rival Deliveroo for 2.9 billion pounds ($3.9 billion) in cash, expanding its business in Europe, Asia, and the Middle East. San Francisco-based DoorDash will pay 180 pence ($2.40) for each Deliveroo share, 29% more than the closing price on April 24, the day before the offer was announced, the companies said in a joint statement before the London Stock Exchange opened for trading on Tuesday. The deal is DoorDash's second major international acquisition in three years as the company expands from its traditional base in the U.S., Canada and Australia. After the purchase of Deliveroo, and the 2022 acquisition of Helsinki-based Wolt Enterprises, DoorDash will operate in more than 40 markets worldwide. 'I could not be more excited by the prospect of what DoorDash and Deliveroo will be able to accomplish together,' DoorDash CEO Tony Xu said in the statement. Both companies were founded in 2013, using the then emerging technology of smartphones to link restaurants and their customers to a network of delivery riders. Deliveroo now operates in nine countries, including the U.K. and Ireland, which accounted for 59% of its business in 2023. It also does business in France, Italy, Belgium, Singapore, the United Arab Emirates, Kuwait and Qatar. Just Eat Expand to continue reading ↓
The Independent
06-05-2025
- Business
- The Independent
DoorDash agrees to acquire UK rival Deliveroo for $3.9 billion
DoorDash, the ubiquitous U.S. food delivery app, has agreed to acquire British rival Deliveroo for 2.9 billion pounds ($3.9 billion) in cash, expanding its business in Europe, Asia and the Middle East. San Francisco-based DoorDash will pay 180 pence ($2.40) for each Deliveroo share, 29% more than the closing price on April 24, the day before the offer was announced, the companies said in a joint statement before the London Stock Exchange opened for trading on Tuesday. The deal is DoorDash's second major international acquisition in three years as the company expands from its traditional base in the U.S., Canada and Australia. After the purchase of Deliveroo, and the 2022 acquisition of Helsinki-based Wolt Enterprises, DoorDash will operate in more than 40 markets worldwide. 'I could not be more excited by the prospect of what DoorDash and Deliveroo will be able to accomplish together,' DoorDash CEO Tony Xu said in the statement. Both companies were founded in 2013, using the then emerging technology of smartphones to link restaurants and their customers to a network of delivery riders. Deliveroo now operates in nine countries, including the U.K. and Ireland, which accounted for 59% of its business in 2023. It also does business in France, Italy, Belgium, Singapore, the United Arab Emirates, Kuwait and Qatar. The acquisition comes less than three months after technology investment company Prosus agreed to buy Amsterdam-based Just Eat for 4.1 billion euros ($4.29 billion), boosting its food delivery portfolio in Europe.
Int'l Business Times
06-05-2025
- Business
- Int'l Business Times
Food Delivery App DoorDash Agrees To Buy Peer Deliveroo
US food delivery app DoorDash has agreed to buy UK-based rival Deliveroo for GBP2.9 billion ($3.9 billion) in a deal that will expand its global reach. The deal, announced by the two companies Tuesday, will create a delivery service present in more than 40 countries, serving around 50 million monthly-active users. The combined group "will bring together DoorDash's strong operating playbook with Deliveroo's local expertise to invest in innovation and execution at an even higher level", DoorDash chief executive Tony Xu said in a statement. London-listed Deliveroo posted its first annual profit in March following sizeable full-year losses owing to high investment costs since American Will Shu founded the company in 2013. The company's initial public offering in 2021 had been London's biggest stock market launch for a decade, valuing the group at GBP7.6 billion. The offer from DoorDash is worth GBP1.80, less than half Deliveroo's IPO price of GBP3.90. Shares in Deliveroo rose two percent to GBP1.75 Tuesday on London's second-tier FTSE 250 index, after already jumping in response to news of the takeover proposal last week. Deliveroo experienced a surge in demand during the Covid-19 pandemic from lockdown-hit customers but increased competition led it to scale back global operations. Most recently, it exited Hong Kong amid growing competition in the Chinese city, following its exit from Australia and the Netherlands. The deal announced Tuesday is expected to be completed in the last three months of 2025, subject to regulatory approval and the approval of Deliveroo shareholders. DoorDash, the largest food delivery app in the United States, entered the European market in 2021 with the purchase of Finland-based Wolt for $8.1 billion. It is now looking to further expand its reach, with Deliveroo operating in the UK, Belgium, France, Ireland, Italy, Kuwait, Qatar, Singapore and the United Arab Emirates. For Deliveroo, it marks "the beginning of a transformative new chapter", said Shu, also the company's chief executive. It is the latest deal in the food delivery market, after Dutch investment group Prosus announced plans in February to buy Just Eat for 4.1 billion euros. San Francisco-based DoorDash said it has no plans to relocate Deliveroo's London headquarters. It added that it does not anticipate making any changes that would impact the contracts of delivery drivers, or "riders". As big players in the gig economy, food delivery apps have faced controversy over the status of their self-employed riders. In late 2023, the UK Supreme Court ruled that Deliveroo riders were not entitled to trade union rights such as collective bargaining. Deliveroo exited Spain after it became the first European Union nation to give food delivery riders labour rights, requiring that they be recognised as employees instead of being considered self-employed freelancers. DoorDash in February agreed to pay out nearly $17 million to drivers in New York state, who accused the company of swindling them out of tip money. DoorDash is the largest food delivery app in the United States AFP
