The US-based Postmates is undergoing massive expansion before its initial public offering by the end of this year. The popular food delivery service provider has announced that it has launched its services in nearly 1,000 new cities since December.
…Currently, the company avails its services to 70 percent of U.S. households and delivers food from nearly 500,000 restaurants. In addition to its vast market reach, it has also recently launched the Postmates Party, a new feature that allows customers in the same neighborhood to pool their orders. The company says that it completes 5 million deliveries per month and is expected to observe $400 million revenue in 2018 on $1.2 billion food sales. Soon after closing a $100 million pre-IPO round in January, the company had confidentially filed documents with the Securities and Exchange Commission for its public offering. The company is set to debut on the stock exchange at a value of more than $1.85 billion. It has secured more than $680 million in venture capital funding from investors viz. Uncork Capital, Spark Capital, Founders Fund, and Slow Ventures.