DoorDash to acquire international delivery platform Wolt for $8.1 billion

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  • DoorDash acquired international delivery platform Vault for $8.1 billion.
  • Volt currently has approximately 4,000 employees and operates in 23 countries.

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DoorDash announced Tuesday that it is acquiring Vault, a food delivery platform that has expanded into groceries and retail, in an all-stock transaction valued at $8.1 billion.

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The move is an attempt to accelerate the company’s international growth. Shares of DoorDash were up about 1.5% in after-hours trading after an early drop.

The company said in a release that Volt currently has about 4,000 employees and operates in 23 countries. In January, the company said it had crossed 10 million users.

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Upon closing, Mickey Kusi, current Vault CEO and founder, will run DoorDash International. The deal is expected to close in the second half of 2022.

The announcement came as part of DoorDash’s third quarter earnings report.

Here are the prime numbers:

  • Harm: 30 cents versus 26 cents expected in Refinitiv survey of analysts
  • Revenue: $1.28 billion versus $1.18 billion expected

DoorDash reported a net loss of $101 million. This is more than double its loss of $43 million in the same quarter of 2020.

DoorDash was one of the beneficiaries of the stay-at-home trend as people heavily relied on food delivery services while taking precautions to reduce the spread of COVID-19.

The company said the number of new subscribers it acquired in the quarter was lower than peak levels in 2020, but it still remained at “well above” levels in 2019 and prior years. Total orders increased 47% to 347 million.

And consumers were spending more on orders during the quarter. Marketplace gross order value jumped 44% to $10.4 billion. DoorDash said it expects a range of $10.3 billion to $10.7 billion in the fourth quarter.

More than 3 million people provided services, or “dashed”, in the quarter to generate more than $2.8 billion. The company also reported 500,000 partner merchants, adding that it continues to add “the pace is faster than pre-pandemic levels”.

Adjusted EBITDA in the quarter reached $86 million, a decrease of 24% compared to Q2. The company anticipates a range of $0 million to $100 million in the fourth quarter.

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