Deliveroo Singapore revenue more than doubles to S$26.4m in 2017
Add BT as a preferred source
Janice Heng
DELIVEROO Singapore's revenue hit S$26.4 million in 2017, almost two-and-a-half times its revenue of S$10.9 million the year before, allowing it to move from a net liabilities position to a net assets position in 2018, the firm announced in a media release on Friday.
The food delivery service invested S$15 million in its Singapore market last year, fuelling growth in rider and restaurant partner numbers. Deliveroo Singapore had 2,860 riders at the end of December 2017, more then double its 1,290 a year ago. This figure has since risen to 6,000. Restaurant partner numbers doubled to 2,400 from 1,400 previously, and now stand at 4,000.
The delivery-only kitchen concept Deliveroo Editions also expanded with its second kitchen opening in CT Hub 2 in April 2018.
Deliveroo Singapore now has a positive balance sheet with a net assets position of S$11.7 million, compared to a net liabilities position last year of S$16.9 million.
In November 2017, Deliveroo raised US$482 million, putting its value at over US$2 billion.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Malaysia’s 8th richest man Jeffrey Cheah wants Sunway business to last 10 generations
Middle East-linked energy supply shocks put Asean Power Grid back in focus
Inside Indonesia’s trial of Gojek co-founder: How a Google laptop deal became a multitrillion-rupiah case
Say ‘yes’ to that work stint abroad and roll with the challenges: Sun Life’s Jessica Tan
