Postmates, the food delivery pioneer, has filed for an initial public offering, and according to experts, it could be worth close to $2 billion.
This follows the trend of app-driven companies seeking to raise money via a public offering. Another trend is that despite the huge popularity of Postmates, the company generates little to no profit.
Postmates launched in 2011, using gig economy drivers with cars or bikes to deliver a range of items from food, to flowers. It also has a contract with Walmart to deliver grocery orders. Although the market leader nationally for food delivery is GrubHub, Postmates ranks first in several markets, such as Los Angeles, where is has a share of around 43% of the food delivery market.
Postmates says it now has a network of 240,000 couriers in 550 American cities, reaching 70% of U.S. households.