Deliveroo riders to get cash bonus if potential IPO goes through

DELIVEROO riders in Singapore could receive payments ranging from S$370 to as much as S$18,500 if the food delivery startup's planned listing in London goes through.

About 10 riders in Singapore are eligible for the top payment of S$18,500, Deliveroo said in response to queries from The Business Times. One such rider has completed more than 21,000 orders over the past three years.

The payout is part of a Thank You Fund to reward riders who have delivered the most orders, Deliveroo announced on Sunday. The fund, which would launch on the day of an initial public offering (IPO), will be available to active riders in all 12 markets in which Deliveroo operates.

The payments will be calculated based on the number of orders completed by each eligible rider, with the largest payments being made to those who have completed the highest number of orders in each market.

The payments start from S$370, for riders who have worked with Deliveroo for at least one year and completed 2,000 orders, and increase to S$925, S$1,850 and S$18,500.

Deliveroo said that the percentage of riders eligible for each of the different awards will be consistent across all markets. It estimates that over 36,000 riders globally will each receive cash payments, with each receiving S$815 on average.

In all, the payments are expected to amount to £16 million (S$29.7 million).

Said Will Shu, founder and chief executive of Deliveroo: "Riders are at the heart of our business, and we want to reward their efforts that have helped Deliveroo become what it is today. Their commitment to great service has enabled us to grow and offer the best food delivery experience in the world."

According to media reports this week, Deliveroo is seeking a listing in London, with a potential valuation of as much as US$10 billion, the Financial Times reported.

As at January, Deliveroo was valued at about US$7 billion, following a recent funding round in which it raised more than US$180 million.