Deliveroo reports £223m loss as it aims for London Stock Exchange launch
Food delivery company Deliveroo has reported that it suffered a six-figure loss over the past year.
This comes as the company, which is based in London, confirms its intention to launch an Initial Public Offering (IPO).
Its loss for 2020 hit £223.7m, compared to £317.3m in 2019 - nearly a £100m improvement.
The company’s gross transaction value increased by 64.3 per cent in the period, from £2.5bn in 2019 to £4.1bn in 2020.
The IPO will allow customers and investors to purchase stock in the company.
Will Shu, founder and CEO of Deliveroo, commented: “Today we operate in 12 markets right across the world. 115,000 food merchants, over 100,000 riders, millions of consumers.
“Every single month, every single year, we focused on getting better - sometimes incrementally and sometimes by leaps and bounds - focusing on great food and being customer-obsessed. But the last 12 months were different.
“I was sad to see many of our partners struggle - restaurants owners I’ve known for years face closure and ruin - all due to some terrible virus. So we took action to help.
“We reached out, brought new technology to them, guided them through the new rules so we all stayed safe, provided more Editions kitchens, and made sure that they could get their food to their customers.
“Together, we delivered almost a million meals to frontline NHS staff. It made me realise how far we had come. All of us working together - restaurants, riders, consumers and Deliveroo - working as one community.
“Now we take the next big step in our journey by allowing everyone to have a share in our future.
“That’s why we are planning to take Deliveroo public here in London, the city where it all started - and we plan to offer our customers across the UK the chance to own a part of the business.”
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