Postmates is a food delivery and quick-commerce company operated by Uber, which delivers meals prepared at restaurants as well as other goods. Currently, Postmates offers delivery services in 2,940 U.S. cities across the US. Founded in 2011, the service uses mobile apps to match consumer demand with an inventory.
Uber announced its acquisition of Postmates for $2.65 billion on July 6, 2020. The deal was completed on December 1, 2020. Grubhub, DoorDash, and UberEats are the primary competitors of Postmates.
Postmates Net Worth
A $100 million investment was raised by Postmates in January 2019, and the company’s market value reached $1.85 billion.
Postmates sets itself apart from other food delivery apps because of its tentative approach to food delivery, not for its business model or employment policy. Bastian Lehmann, CEO of Postmates, has said he runs a platform that delivers on demand, and “food to Postmates is what books were to Amazon”.
Postmates survived its first two years by accepting payments, instead of a yearly round of billions of dollars in funding. Yet, five million dollars were invested by the Founder’s Fund in 2013, helping the company grow and attracting more investors. Shortly afterward, both InstantCart and DoorDash completed large series A funding rounds.
Food delivery hadn’t been supposed to work on Postmates. DoorDash and Grubhub both delivered food at lower costs, but Postmates charged $9.99 for delivery. Californians, on the other hand, were just as happy to fork over a delivery fee for their favorite meals.
It was finally in 2015 that Postmates reduced delivery fees for preferred merchants to $3.99, meaning those merchants would appear prominently on their platform. Additionally, Unlimited, the company’s pro service, provides free shipping for orders of $30 or more for a monthly fee of $9.99.