A Deliveroo worker cycles along a pedestrianised road in Liverpool, Britain. Picture: REUTERS/PHIL NOBLEAmazon has taken a stake in British online food delivery company Deliveroo, leading a $575m fundraising to pit itself against Uber Eats in the global race to dominate the market for takeaway meals.
Deliveroo founder and CEO Will Shu said the fundraising will enable the loss-making group to increase its reach, develop technology and pursue innovations such as expanding its own kitchens that can be rented to restaurants to meet demand. The former Morgan Stanley banker launched Deliveroo after moving to London from the US and finding a lack of delivery options when working late. He says he still delivers meals once a week to understand the job of the rider.
Deliveroo competes with Uber Eats, present in North America, South America, Europe, Asia and Africa, and part of the ride hailing giant 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. Just Eat, which originally connected customers with local takeaway restaurants that provided their own delivery service, has grown rapidly since it launched in 2001 and listed in 2014.
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