As the pandemic stretched on, Postmates’ sales doubled, and eventually a monthlong bidding war ensued between Uber, blank-check companies and the IPO market, according to an Uber filing with the SEC that was made public Friday.
On March 17, the day the San Francisco Bay Area became the first major metropolitan area to enact a shelter-in-place policy due to the COVID-19 pandemic, Postmates Inc. engaged a bank to lead it to either an IPO or an acquisition.
Uber’s 388-page SEC filing provided a public glimpse into Postmates’ financial performance, showing that the delivery service doubled its sales amid the pandemic but kept losing money. Postmates was founded in 2011 but has never made a profit, losing a collective $929.3 million as of the end of June, according to the filing. The company, whose couriers deliver prepared food and more, posted revenue of $160 million in the quarter ended June 30, more than double the $71.
As of June 30, Postmates had about 12.6 million active customers and more than 550,000 contractor delivery workers, the filing showed. Those numbers were encouraging to analyst Dan Ives of Wedbush Securities.
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