Investment has been completed on Mar 6, 2021
- Net profit
Getting your online store order on the same day is any shopper’s dream. Postmates made this dream a reality. In March 2021 the investment closed at +75%.
Postmates developed an on-demand delivery platform that allows users to ship any item within the city for same-day delivery. Its platform connects customers with local couriers, who can deliver goods from any store or restaurant in minutes.
The company was based in 2011 in San Francisco. In 2014, Postmates introduced its delivery API which allows businesses of all sizes to directly integrate Postmates delivery platform from their own app or website. In June 2020, Postmates launched an app for restaurants and stores: a delivery person can pick up an order without entering a restaurant.
A separate division of Postmates is focused on the development of delivery robots. The device in the form of a cart is powered by an NVIDIA Xavier processor and has a camera niche for items. The robot called Serve can carry 22 kg of goods with a range of 48 km. The device won’t replace a delivery person but will help in the busiest hours, delivering and picking up goods, or walking behind a courier, carrying heavy loads. Each robot is tracked by an operator who can be contacted by a customer via video.
In March 2020, Postmates partnered with California Pizza Kitchen, McDonald's and launched a promo campaign with Apple. Robots will deliver pizza nationwide and food from McDonald's across Los Angeles and Dallas. Customers who use Apple Pay to make a purchase of $10 or more through the Postmates app can get a movie rental for free.
BlackRock, Tiger Global Management, Spark Capital, Founders Fund, Uncork Capital, and Slow Ventures are among the investors of the company.
The global online food delivery market will grow from $115.07B in 2020 to $126.91B in 2021 at a compound annual growth rate of 10.3%. It is expected to reach $192.16B by 2025, at a CAGR of 11%.
Postmates plans to reach 50M customers: it has deployed its delivery network in 4,200 cities and 500,000+ restaurants. At the same time, Postmates faces fierce competition from other food delivery platforms, including Uber Eats and DoorDash.
In July 2020, Uber announced its intention to buy Postmates for $2.65B, which is more than the company's valuation on the secondary market ($2.45B in September 2019 and $1.8B in May 2020).
We bought Postmates stock at $9.85 in September 2019. In the summer of 2020, Uber revealed it was buying the company.
To buy back 100 percent of Postmates' capital, Uber issued about 84M common shares. In early December 2020, Uber announced that it had received approval from regulators, the boards, and shareholders of both companies.
Uber started sending its shares to Postmates investors in mid-February 2021. We received a chunk of shares and closed the investment in March.
Uber securities were worth $56.03 at the closing time, and after the allocation of shares, the investment in Postmates closed at $19.1174, with +75% result.