This Week in Food Delivery & Quick Commerce (03/12/22)
Hi all,
As always, primarily, I urge you to support the Ukraine humanitarian efforts.
Highlights:
DoorDash cutting ~1,250 jobs (6% of staff)
Meituan had a very good Q3
Dunzo Secures $6.2M debt funding
Ocado pauses new warehouses
Swiggy Shuts Its Cloud Kitchen Brand
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💬 Quote of the Week
“DoorDash’s net losses have more than doubled over the past year, increasing every quarter to $296 million by the end of September, compared with a loss of $101 million a year ago. The company reported adjusted earnings before interest, taxes, depreciation and amortization of $87 million in the third quarter. That metric strips out expenses like stock-based compensation or non-recurring costs that executives deem to be outside the scope of operations.”
Source: Bloomberg
📊 Infographic/Stats of the Week
The third party delivery space is also likely to experience an intense round of consolidation. Indeed, the sector has also trended towards greater consolidation over the last few years, as evident by the increasing share of third party delivery sales commanded by the largest players in the industry within the world’s most important e-commerce markets. This development is only expected to intensify as the runaway e-commerce growth of 2020 and 2021 comes to an end.
Source: Euromonitor
🚚 Deliveries
DoorDash Cuts 6% of Staff, Joining Other Companies Reversing Pandemic-Fueled Hiring
Domino's Pizza Enterprises to raise $112 mln to fund German unit acquisition
China’s Meituan posts 28.2% quarterly revenue growth swings to profit
Meituan Establishes “MARS” Robotics Research Academy in Shenzhen
Swiggy's food delivery GMV surges to $1.3 billion in 6 months of 2022: Prosus (15 times)
🚀 Q-Commerce
Three-quarters of Getir’s UK dark stores are now run by franchisees
Ocado puts brakes on expansion as online grocery demand eases
🍳 Dark / Ghost Kitchens
💰 Financing / Exits
Saudi Food Delivery Firm Jahez to Buy Chefz in Cash, Stock Deal ($173 million valuation)
Domino's Pizza Enterprises to raise $112 mln to fund German unit acquisition
Orda raises millions to digitize African restaurants with its cloud-based operating system ($3.4 million seed investment)
💻 Other
Kroger raises sales and profit outlook once again with strong Q3 results
Letter: Brussels plan for workers in the gig economy must go further
UK Start-up Behind Algae-based Packaging Bids For Earthshot Glory
Instacart Co-Founder Raises $30 Million for New Healthcare Company
📜 Deeper reads
Forget DoorDash and Uber. Walmart and Kroger Are Now the Innovators in Food Delivery
Delivering disaster: Why Send, Voly and Deliveroo collapsed in Australia
‘Purely economic’: Deliveroo Australia’s CEO on why management pulled the pin
DoorDash’s expansion beyond the US will come with challenges
DoorDash’s Competitive Gap With Uber Is ‘Narrowing,’ Analyst Says. The Stock Gets a Downgrade.
What it takes to become a dark store franchise owner with Getir
Will Quick Commerce Businesses Crack the Profitability Code in 2023?
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