The year 2020 has turned out to be full of losses for almost every sector in the entire world and still, the global economy has been trying to make a comeback. Just like the rest of the companies from all over the world, Deliveroo is also a company whose revenue was plagued by the pandemic.
The company has recently revealed that due to the pandemic, it ended up facing a huge loss in the year 2020. Deliveroo is a food delivery company that is backed by the largest e-commerce company “Amazon” in the entire world.
The company recently revealed the loss figures it incurred for the year 2020 through a publishing on Monday, March 8, 2021.
The company has reported that due to the pandemic, it ended up incurring a huge loss of £223.7 million in the year 2020. At the time of publishing, the £223.7 million figure translates into $309 million for the year 2020.
Deliveroo has shared the figures of the 2020 loss ahead of the Initial Public Offering (IPO) it is planning to launch in the running year. It was reported that Deliveroo was planning to launch its IPO through the London Stock Exchange.
Surprisingly, the losses reported by Deliveroo for the year 2020 were less than the company incurred in the year 2019. The company has revealed that in the year 2019, the company met with a loss of £317 million, which at the time of the writing translates to $438 million.
Deliveroo is a prominent food delivery service that has its headquarters based in London (UK) and has been in service for almost 8 years now.
It has been revealed that despite running its business for the past 8 years, the company is still in the red zone. Astonishingly, although the company has reported a loss, yet the company has experienced a surge with respect to its revenues.
The company has revealed that as compared to the year 2019, the company’s revenue in the year 2020 has almost doubled. Deliveroo has confirmed that in the year 2019, the revenue it generated from the services was £2.5 billion. However, for the year 2020, the company’s revenue has gone all the way up to £4.1 billion.
According to sources, the company is currently in the process of launching its Initial Public Offering (IPO). Although the confirmed date is yet to be launched, it is expected that the company is going to launch its IPO in the coming week.
The company has also revealed the coordinators that will be accompanying Deliveroo in the Initial Public Offering (IPO). The companies that will be coordinating in the IPO are JP Morgan Cazenove and Goldman Sachs.