Amazon-backed food delivery startup Deliveroo posts $309 million loss in 2020 ahead of much-anticipated IPO

While all eyes are on the highly-anticipated IPO, Deliveroo, a unicorn food delivery startup and U.K.’s largest online food delivery company revealed that it posted a loss of $309 million(£223.7 million) in 2020 as it plans to go public on the London Stock Exchange.

It’s not all bad news for Deliveroo. Its recent losses are substantially less than they were in 2019, when the London-headquartered firm recorded a loss of £317 million. While the startup is still in the red, its revenues climbed to £4.1 billion in 2020, up from £2.5 billion in 2019.

In a report published Monday, the Amazon-backed food delivery startup said that it has not yet set a date for its initial public offering. However, analysts said it is likely to be in the next few weeks. Deliveroo could be valued at around $10 billion in the stock market listing, according to reports.

The London, England-based Deliveroo was founded in 2013 by Will Shu and Greg Orlowski. The startup makes money by charging restaurants a commission fee, as well as by charging customers a fee per order. It currently operates in two hundred cities.

Deliveroo operates in over 500 towns and cities across 14 markets, including Australia, Belgium, France, Germany, Hong Kong, Italy, Ireland, Netherlands, Singapore, Spain, Taiwan, United Arab Emirates, Kuwait and the United Kingdom. The Proskauer team was led by London private equity partner Richard Bull, with associates Andrew Houghton and Darpit Mehta supporting him throughout the transaction.

The startup recently raised $180 million in fresh funding giving it a $7 billion valuation. Alongside Amazon, Deliveroo is also backed by Durable Capital Partners, Fidelity, T. Rowe Price, General Catalyst, Index Ventures and Accel.