SINGAPORE: San Francisco-based DoorDash on Thursday (Oct 2) acquired Deliveroo and said the latter’s app and services will continue in Singapore.
DoorDash co-founder and CEO Tony Xu said in a news release on Deliveroo’s website that “the Deliveroo app and products you know and love aren’t going anywhere”.
“You’ll still be able to order your favourites, run your businesses, or work and earn on the platform as you do today,” said the CEO of the largest food delivery app in the United States.
DoorDash in May agreed to buy Deliveroo for 2.9 billion pounds (US$4 billion) in a deal expected to be completed at the start of October.
The DoorDash deal will create a delivery service present in more than 40 countries, serving around 50 million monthly active users.
DoorDash entered the European market in 2021 with the purchase of Finland-based Wolt for US$8.1 billion.
Deliveroo’s initial public offering in 2021 had been London’s biggest stock market launch for a decade, valuing the group at £7.6 billion.
The offer from DoorDash is worth £1.80, less than half Deliveroo’s IPO price of £3.90.
“I couldn’t be more grateful for the opportunity to come together with Deliveroo to serve its stakeholders – you.
“You have my commitment that we will work tirelessly to help power a future where local wins – everywhere,” Xu said.
“What excites me is not changing what works, but building on it together.”
