Paramount in justifying that fulsome price tag for investors is the astounding growth the company has achieved, especially among existing customers.
But as the DoorDash commences its initial public offering road show, a key chart in the company's registration document that compares order sales from new and existing customers has come under scrutiny, and experts say the company may need to refile its S-1 to clarify the issue. While customer traction is important for most startups, it's especially acute for the food-delivery heavyweights, including Grubhub and Uber Eats, which have waged an expensive battle for market share andAs DoorDash notes in the filing, nobody expects the massive growth spike in 2020 to continue post-pandemic, so establishing a devoted base of customers is a powerful asset and message to send to investors.
McCarthy, who specializes in valuing companies like Blue Apron and Wayfair based on the lifetime value provided per customer, said inthe overall financial picture for DoorDash appears quite strong, including "exceptional repeat buying." The simplest explanation is that somebody flubbed the chart, but the data points and the broader story DoorDash tells in its S-1 remains intact.
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