According to a report by Statista, the online food delivery market is expected to reach $910 billion by the end of 2023, and Postmates is one of the big players in that sector.
If you’re interested in investing in Postmates and want to find out more about its financial profile, company performance, and whether there will be a Postmates IPO soon, this article will provide you with all the information you’re looking for!
Postmates is an American online delivery service specialising in delivering prepared meals to customers.
The company was established in 2011 by its current CEO, Bastian Lehmann, Sean Plaice and Sam Street.
Like many companies in the tech sector, Postmates’s first office was established in San Francisco, which remains the company’s headquarters.
In late 2017, Postmates announced that it’d launch its services in the Mexican capital to be the first city to serve outside the United States. However, in 2019, the company announced that it’d shut down its operations in Mexico to focus on the American market.
According to reports, the company today operates in over 6,000 cities inside and outside the United States.
The company acquired three smaller companies (Slosh, Bold, and Hey!, inc) between 2015 and 2017.
In 2020, Postmates was officially acquired by Uber in an all-stock deal at around $2.65 billion, although Uber announced that the two companies would maintain their operations mostly separate, except for a shared pool of drivers.
According to Zippa, Postmates generates an annual revenue of around $1.0 billion, which is the company’s peak revenue since 2021.
Postmates make money through various methods. The primary source of income is charging a percentage-based fee for its services, including delivery, commissions, service, cancellation, etc.
Postmates also have a subscription-based premium service called “Unlimited”, which offers free delivery and other perks to its users.
The company also runs various advertising campaigns and promotions in collaboration with vendors on its platform.
Since its establishment, Postmates has raised a total of around $763 million over the course of 12 funding rounds. Here’s a breakdown of each funding round along with its top investors:
Postmates reach a valuation of $1.0 billion in 2018. However, during the initial company plans to go public in 2019, the company was valued at $1.85 billion.
In 2020, Postmates sales due to the pandemic nearly doubled, which allowed the company to leverage the revenue to boost its IPO valuation.
Since Uber's acquisition of Postmates, details surrounding the Postmates IPO became unclear, with no official statements about the company’s plan to go public.
However, since the company continues to make steady profits and the online food delivery market is expected to grow, Postmates could announce its IPO plans soon.
This marks the end of today’s guide that walks you through the details of Postmates IPO. As you can notice, the acquisition of Postmates by Uber is one of the main reasons behind delaying the company’s plans to go public.
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