SINGAPORE - Deliveroo Singapore's revenue hit $26.4 million in 2017, almost two-and-a-half times its revenue of $10.9 million the year before, allowing it to move from a net liabilities position to a net assets position in 2018, the firm announced in a media statement on Friday (July 27).
The 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 2017, more then double its 1,290 a year ago. This figure 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 also expanded with its second kitchen opening in CT Hub 2 in April 2018.
Deliveroo Singapore said it 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.
In November 2017, Deliveroo raised US$482 million, putting its value at over US$2 billion.