In an increasingly smart reality combined with the inability to go out and move due to the pandemic we have been living with for a year now, the food delivery market has experienced a considerable increase. Now it is no longer necessary to go out and go to shops to buy products of any kind, but simply have a smartphone or a computer to have whatever you want sent home.
This is true for platforms such as Deliveroo, a food delivery company, which is now preparing to debut on the London Stock Exchange.
The new equity structure that the UK is preparing to introduce after Brexit has generated a series of doubts and concerns among London’s major investors. On the other side, Deliveroo said that also thanks to this change, CEO Will Shu will be able to execute long-term plans.
“When Deliveroo founder and CEO Will Shu moved to London in 2013, he discovered a city full of great restaurants,” we can read on the website, “but he was amazed that so few of them delivered food. He made it his personal mission to bring the best local restaurants direct to people’s doors.”
By offering fast and reliable delivery which the customer can track on their phone, Deliveroo has seen revenue growth of over 650% year on year. Restaurants who partner with them see their revenue increase by up to 30%, creating thousands of jobs in the restaurant sector.
“Deliveroo has created thousands of jobs and is a true success story of British technology,” said Rishi Sunak, UK finance minister. “It is great news that the next stage of their growth will be on UK public markets.” Part of the credit for this dizzying growth also goes to Amazon, which has invested approximately $ 600 million in the business. And now it is aiming for a valuation of 10 billions on the UK Stock Exchange.
Ahead of the stock exchange listing, Deliveroo will launch a fund of 18 million in payments for the riders who have made the most deliveries. The fund was called “Thank You Fund” and will be activated on the company’s twelve markets, covering 36,000 riders, who will be rewarded according to a progressive range between 550 and 11,500 euros.
The company has stated that all riders who have worked with Deliveroo for at least a year and have completed 2,000 deliveries will be rewarded with more than 180 pounds, while the average payment for each rider will be around 430 pounds.
But Deliveroo does not stop there and already has a new goal in mind: to also embrace the delivery of food shopping from supermarkets. The market for this platform will therefore continue to expand and create new jobs, which is fantastic news considering the enormous financial difficulties many nations are experiencing during this really tough time.