Deliveroo’s latest funding round values firm at over $7 billion | Tech News

Deliveroo’s latest funding round values firm at over $7 billion

Deliveroo Hero SE has raised more than $180 million in its latest funding round, valuing the UK online food delivery company at over $7 billion, according to a company statement.

By:BLOOMBERG
| Updated on: Aug 21 2022, 14:16 IST
Deliveroo said it will continue to invest further in its business, including expanding its on-demand grocery service and “Editions” dark-kitchen concept.
Deliveroo said it will continue to invest further in its business, including expanding its on-demand grocery service and “Editions” dark-kitchen concept. (REUTERS)
Deliveroo said it will continue to invest further in its business, including expanding its on-demand grocery service and “Editions” dark-kitchen concept.
Deliveroo said it will continue to invest further in its business, including expanding its on-demand grocery service and “Editions” dark-kitchen concept. (REUTERS)

The investment comes as the Amazon.com Inc.-backed firm eyes a potential listing this year, which is expected in or around April.

The funding round, led by existing shareholders Durable Capital Partners LP and Fidelity Management & Research Company LLC, pegs the startup's valuation on a par with U.K. blue-chip grocer J Sainsbury Plc's market capitalization and eclipses that of Wm Morrison Supermarkets Plc.

ALSO READ: Udaan raises $280 million in additional financing from new, existing investors

As lockdowns restrict people's movement and businesses close, food delivery firms like Deliveroo and Just Eat Takeaway.com NV saw a boost as consumers ordered takeaways from home.

Despite the rise in demand, competition for market share remains fierce, with Delivery Hero recently raising as much as $1.6 billion in a share sale to fund potential deals, while Just Eat Takeaway has been making “significant” investments, according to a recent trading update.

ALSO READ: InMobi's Glance raises $145 million from Google, Mithril Capital

Deliveroo said it will continue to invest further in its business, including expanding its on-demand grocery service and “Editions” dark-kitchen concept.

By Kit Rees

Follow HT Tech for the latest tech news and reviews , also keep up with us on Whatsapp channel,Twitter, Facebook, Google News, and Instagram. For our latest videos, subscribe to our YouTube channel.

First Published Date: 17 Jan, 07:38 IST
Tags:
NEXT ARTICLE BEGINS