From CNET: On the evening before becoming a publicly traded company, DoorDash has upped its share price to around $102, according to the Wall Street Journal. That's more than the $75 to $85 target range it initially set last month and means the food delivery company would reportedly be valued at about $39 billion.
Those numbers are far higher than were projected earlier this year when DoorDash was privately valued at about $16 billion. While the company is not yet profitable, investors say its massive growth shows promise. In filings with the US Securities and Exchange Commission last month, DoorDash reported revenue gains, decreases in losses and a rising supply of customers, merchants and delivery workers.
"If we can make possible the delivery of ice cream before it melts, or pizza before it gets cold, or groceries in an hour, we can make the on-demand delivery of anything within a city a reality," DoorDash CEO and co-founder Tony Xu wrote in a letter included with the filing.
The past few months have been booming for DoorDash, as the coronavirus has caused people around the world to shelter-in-place and stay indoors. The San Francisco-based company has gained millions of customers who avoid going to restaurants and instead order their meals through the platform. Taking advantage of this timing, DoorDash has expanded from just restaurant deliveries to grocery, pet store and convenience store deliveries too.
View: Full Article
