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DoorDash Inc Company profile

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DoorDash Inc. (DASH) is a US-based on-demand food delivery company. It is one of the biggest tech-driven players on the market, connecting customers with local and national merchants through its online application. In 2020, the business had the largest food delivery market share in the US.

The company went public in December 2020. DoorDash shares are now listed on the New York Stock Exchange (NYSE) under the ticker symbol DASH.

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In January 2013, the company was launched as PaloAltoDelivery.com by Tony Xu, Stanley Tang, Andy Fang and Evan Moore. In March 2013, the business received $120,000 (£90,000, €99,000) in seed capital from YCombinator and incorporated as DoorDash later in June. The company’s initial services were restaurant food delivery and last-mile delivery for grocery retailers through its white-label Drive service.

To expand its business, DoorDash has made several acquisitions, including the purchase of Rickshaw in 2017, and lvl5, Caviar and Scotty Labs in 2019. By March 2019, the firm had exceeded the market’s leader GrubHub in total sales. Ever since, it has been the largest third-party food delivery provider in the US measured by consumer spending.

In August 2020, DoorDash announced the launch of its membership programme, DashPass, to expand its presence in the grocery delivery market. The company’s new end-to-end online grocery marketplace solution includes ordering, fulfilment and delivery. Besides grocery, the business has entered the drugs and convenience store retail markets, partnering with Walgreens, 7-Eleven, Casey’s, CVS Pharmacy, WaWa and Circle K. In October 2020, DoorDash also made a deal to provide on-demand delivery of prescription drugs for Sam’s Club.

In 2020, as demand for deliveries surged amid the ongoing Covid-19 pandemic, DoorDash became the fastest-growing meal delivery service. At the end of 2020, the company provided its services in more than 4,000 cities across the US, Canada and Australia. It had a network of over one million delivery personnel and connected nearly 18 million consumers with 390,000 merchants.

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Before its initial public offering, DoorDash raised more than $2.5bn over several financing rounds. The company went public in December 2020, selling 33 million shares at $102 each. It raised nearly $3.4bn, making it one of the largest US IPOs of the year. The stock rose 86 per cent above its IPO price to close the first trading day at $189.51. The price hike saw the firm’s market capitalisation reach $59bn. DASH shares then gradually slid to trade at $160 on December 14.

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