The third-party delivery service reported $1.9 billion in revenue so far this year, but is still losing money
DoorDash is looking to join competitors Uber and Grubhub as a publicly traded company, officially filing its IPO with the SEC today. DoorDash would offer multiple classes of stock, including one that comes with 20 votes per share, so that co-founder Tony Xu “will be able to determine or significantly influence any action requiring the approval of our stockholders.” CNBC reports that DoorDash has had $1.9 billion in revenue from January through September this year, and reported a net loss to $149 million over those same months, which is a smaller loss than the same time last year.
DoorDash is the United States’s biggest delivery service, with 49 percent of the meal delivery sales in September, compared to Uber’s 22 percent and Grubhub’s 20 percent. The industry as a whole is booming thanks to the pandemic, but DoorDash, like Uber, has yet to turn a profit. And while the company and its competitors spent $218 million to get California voters to say yes to Prop 22, which allows gig economy companies to not provide their drivers and deliverers with employee benefits, restaurants and diners alike are becoming more vocal about the ways these companies mistreat their workers and the restaurants they do (or don’t) partner with.*By via Eater*