Deliveroo Singapore's revenue hit $26.4 million last year, almost 21/2 times its revenue of $10.9 million the year before, allowing it to move from a net liabilities position to a net assets position this year, the firm announced yesterday.
The app-based food delivery service invested $15 million in its Singapore market last year, fuelling growth in rider and restaurant partner numbers.
Deliveroo Singapore had 2,860 riders at the end of December last year, more than double its 1,290 a year ago. This has since risen to 6,000.
Restaurant partner numbers doubled to 2,400 from 1,400 previously, and now stand at 4,000.
The delivery-only kitchen concept Deliveroo Editions has also expanded with its second kitchen opening in CT Hub 2 in April this year. Deliveroo Singapore now has a positive balance sheet with a net assets position of $11.7 million, compared to a net liabilities position last year of $16.9 million.
Deliveroo said its app efficiency has improved, thanks to its predictive algorithm, which improves its own performance through machine learning. The technology - which finds the most efficient way of distributing orders based on the locations of restaurants, riders and customers - has made delivery times 20 per cent faster, at an average of 32 minutes per order in Singapore.
Globally, Deliveroo's revenue in 2016 was £128.6 million (S$230 million), more than seven times its revenue of £18.1 million in 2015. In November last year, it raised US$482 million (S$656 million), putting its value at over US$2 billion.