Deliveroo is officially beginning the float process today. The company has published an expected intention to float along with new details of its finances and a letter from chief executive Will Shu.
The food delivery business is set to go public within weeks with a valuation of up to $10bn (£7.2bn), sources have said.
The latest financial details released this morning paint a picture of a rapidly growing business that has narrowed its losses.
The company brought in revenues of £4.1bn in 2020, up from £2.5bn in 2019. It also narrowed losses to £223.7m in 2020 from £317m in 2019.
The picture of the healthy business described is a far cry from Deliveroo’s submissions to regulators in April which said the company faced collapse if £460m in funding from Amazon was blocked.
“I never set out to be a founder or a CEO,” Mr Shu wrote in his letter published this morning. “I was never into start-ups, I didn’t read TechCrunch. I’m not one of those Silicon Valley types with a million ideas. I had one idea. One idea born out of personal frustration. An idea that I was fanatically obsessed with: I wanted to get great food delivered from amazing London restaurants.”
Some of its longest-serving riders up to £10,000 as part of the float.