DoorDash filed initial public offering paperwork Friday, revealing a 226 percent increase in revenue over the past nine months and a jump in market share in the last two years, according to the U.S. Securities and Exchange Commission filing.
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San Francisco-based DoorDash was co-founded by Tony Xu, Stanley Tang and Andy Fang in 2013. Today’s S-1 revealed that the company works with more than 390,000 merchants, 18 million customers and over 1 million “Dashers” across the U.S., Canada and Australia.
The company posted $885 million in revenue for 2019, up from $291 million in 2018. For the nine months ended Sept. 30, 2020, DoorDash generated $1.9 billion in revenue, up from $587 million for the same period in 2019.
Meanwhile, the company reported net losses of $667 million for the year 2019 and $149 million for the nine-month period ended Sept. 30, 2020, compared to net losses of $504 million and $203 million, respectively, reported for the same time in 2018 and the same nine-month period in 2019.
As of October, the company said, it holds approximately 50 percent of the market share based on total sales, followed by Uber Eats at 26 percent.
The company acknowledged that COVID-19 accounted for a “significant increase” in revenue for year-over-year results and that growth “may not continue in the future, and we expect the growth rates in revenue, total orders and marketplace GOV to decline in future periods.”
DoorDash has raised $2.5 billion in venture capital funding, which included a $400 million Series H round, led by Durable Capital Partners, back in June, according to Crunchbase data. That is on a $16 billion post-money valuation, according to Axios.
Its biggest shareholders holding Class A shares include:
- SoftBank Vision Fund, 24.9 percent
- Sequoia Capital, 20.4 percent
- Greenview Investment Pte Ltd., 10.5 percent
CEO Xu holds 41.6 percent of Class B shares, while Fang and Tang each hold approximately 39 percent.
The company plans to price its IPO before the end of the year and to list on the New York Stock Exchange with the ticker symbol DASH.
DoorDash’s filing comes on the heels of reported filings soon to drop from Airbnb, Affirm, Roblox and Wish. Meanwhile, another food delivery company may be next: Reuters reported yesterday that Instacart chose Goldman Sachs to lead a 2021 IPO at a $30 billion valuation.
Illustration: Li-Anne Dias