News of biggest online retailer buying into one of Europe’s fastest-growing tech companies hits shares of rivals
A restaurant food delivery company 'Deliveroo' employee, Billy Shannon, at work in London, the UK, Picture: DANIEL LEAL-OLIVAS / AFP
The online giants are betting the takeaway market will expand as it branches out from fast, unhealthy meals to nutritious dishes, and that they have the scale to beat smaller rivals that are still largely sacrificing profits to grow. Shu said: “Amazon has been an inspiration to me personally and to the company, and we look forward to working with such a customer-obsessed organisation.”
Deliveroo competes with Uber Eats, present in North America, South America, Europe, Asia and Africa, and part of the ride-hailing company that has a market valuation of $72bn after its recent flotation. In Britain, Deliveroo is locked in a battle with Uber Eats and the online platform Just Eat, and its riders are a common sight carrying delivery boxes emblazoned with its kangaroo logo.
“We are confident that Just Eat’s significant strategic value will be unlocked if the board engages with the many potential strategic partners available to the company,” Cat Rock Capital said.
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