A biker wearing a Deliveroo backpack drives in the central Barcelona July 23, 2019. — Reuters picLONDON, March 31 — App-driven meals delivery group Deliveroo has enjoyed a dazzling ride in a short space of time but faces questions over its sustainability, highlighted by its poor stock market debut on Wednesday.Deliveroo’s initial public offering was London’s biggest stock market launch for a decade, valuing the group at £7.
Born in 1979, Shu took inspiration from Amazon and in 2019 the American giant took a 16 per cent stake in Deliveroo. The company also delivers food items from supermarkets—one of the only retail types allowed to remain open during lockdowns—and works with big brands including Aldi, Carrefour and Marks and Spencer.Despite surging sales, the group suffered a net loss totalling £226 million last year, hit by higher costs caused in part by taking on more riders to meet demand.
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