DoorDash Files for IPO
Posted on 11/13/2020
DoorDash, Inc. filed for its initial public offering. DoorDash reports a US$ 149 million net loss on US$ 1.916 billion in revenue for the first nine months of 2020, versus a US$ 533 million net loss on US$ 587 million in revenue for the year-earlier period. Since its founding, DoorDash has financed its operations primarily through the issuance of equity and debt securities and from payments received through its platform. As of September 30, 2020 (unaudited), DoorDash has raised an aggregate of US$ 2.5 billion, net of issuance costs, through sales of redeemable convertible preferred stock and issuance and conversion of convertible notes, excluding a one-time non-cash forward contract liability of US$ 68 million recognized in connection with the issuance of Series F redeemable convertible preferred stock.
In October 2019, DoorDash issued US$ 100 million of redeemable convertible preferred stock in connection with the acquisition of Caviar, Square, Inc.’s marketplace, focused on facilitating deliveries from premium restaurants. The acquisition date fair value of the consideration transferred was US$ 411 million, which consisted of US$ 311 million in cash, including US$ 1 million in seller transaction costs settled at closing, and US$ 100 million of the DoorDash’s Series G redeemable convertible preferred stock. During the year ended December 31, 2019, DoorDash completed the acquisition of Scotty Labs, Inc., which was accounted for under the acquisition method of accounting. The acquisition date fair value of the consideration transferred was US$ 5 million.
In April 2018, the DoorDash acquired Zesty, a food catering business for US$ 13.7 million. In 2017, DoorDash acquired Entrees On-Trays, a restaurant delivery service for US $1.7 million and Order Ahead, a mobile food ordering and payments company for $2.6 million.