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Food Delivery Startup PostMates Has Filed For IPO

Food Delivery Startup PostMates Has Filed For IPO

From last few days, we are observing that there are many startups which are trying to opt for IPO and now food startup PostMates have also joined that list. According to reports, food delivery startup company PostMates has filed initial paperwork to go public. FoodMates is a San Francisco based food company which has been launched by Sam Street, Sean Plaice and Bastian Lehmann in early 2011. The company already confirmed this news on its official website. Currently, many startups from Silicon Valley are trying to go public because recently Uber, Lyft and Slack have also filed for IPO. PostMates has considered as one of the pioneers of the food delivery industry also it has an extensive network of food delivery. It covers more than 2940 cities across the USA and Mexico.

One of the best things PostMates has done is that it has already partnered with Apple and Walgreens for delivering other products also. So far the company has raised more than $685 million of funding from its investors, and private investors have valued the company at $1.85 billion in January 2019. PostMates is dominating the online food delivery industry because of its cheap subscription plan. According Postmates plans a user will be able to get unlimited deliver for only $9.99 per month of subscription. Company’s officials said that 2019 would be going to be great for them since they’re expecting a right amount of sales in this year and that’s why investors are also positive about the company’s IPO.

However, company hasn’t recorded any profit yet which might make some ordinary investors skeptical about its future growth. But, Postmates officials think they will soon record a right amount of gain in a couple of next months.

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