Deliveroo losses deepen in expansion drive
Deliveroo deepened its losses last year despite soaring sales as it pushed forward with expansion plans.
The food delivery app said losses before tax were £232m in 2018 from £199m the previous year. Global sales increased by 72 per cent to £476m for the year.
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The takeaway firm moved into Taiwan and Kuwait last year and opened in more than 250 new towns and cities across existing markets, taking the number of restaurant partners to 80,000 globally.
Other investments included the launch of its Marketplace feature, allowing restaurants with their own delivery vehicles to access customers through Deliveroo.
The company also spent £10m on riders’ insurance and doubled investment in technology to £18m.
This year the tech firm said it is rolling out in a further 50 towns and cities across the UK.
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Deliveroo co-founder and chief executive Will Shu said: “Deliveroo is growing from strength to strength and expanding across our markets as more and more people want amazing food delivered straight to their door.”
He added: “Deliveroo has come a long way in the past six years, but this is just the beginning. I can’t wait to work with new great local restaurants to deliver meals to millions of more customers around the globe.”
Main image credit: Getty