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MarketScreener Homepage  >  Equities  >  Tokyo  >  SoftBank Group Corp    9984   JP3436100006

SOFTBANK GROUP CORP

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SoftBank : DoorDash Funding Boosts Valuation

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02/12/2019 | 02:48am EDT

By Yuliya Chernova

Food-delivery startup DoorDash Inc. is arming itself with new funding as two of its rivals prepare for initial public offerings.

The venture-backed company is in the process of raising roughly $500 million at a valuation of more than $6 billion, and that might approach $7 billion, according to a person familiar with the situation. That valuation range would be four to five times where DoorDash was valued in a financing round less than a year ago.

Singapore's state investment firm, Temasek Holdings Pte., is expected to lead the round, the person said. GIC Private Ltd., another Singaporean state entity, is already a DoorDash investor.

Temasek declined to comment, and DoorDash didn't respond to requests for comment.

Founded in 2013 by Stanford University students, including Chief Executive Tony Xu, DoorDash already has raised close to $1 billion, with the company's valuation skyrocketing in successive funding rounds. It was worth $1.4 billion after a SoftBank Group Corp. investment in March 2018, and its valuation climbed to $4 billion in a deal led by Coatue Management LLC and DST Global last August.

Based in San Francisco, DoorDash hires contractors who pick up and deliver orders from restaurants and other merchants in more than 1,000 cities across the U.S. and Canada.

The company competes with Uber Technologies Inc., through its Uber Eats service, and Postmates Inc. Uber and Postmates both have registered with the Securities and Exchange Commission to hold initial public offerings.

DoorDash grew faster than any other competitor in the U.S. in the first half of 2018 and held a market share of nearly 18%, according to research provider Edison Trends Report. But it was still behind Uber Eats and Grubhub Inc. by market share. Grubhub remained the leader with about 34% of total revenue in the online food delivery market in the U.S.

About $17 billion worth of meals were ordered online for delivery in 2018 in the U.S., according to Statista.

DoorDash has been expanding to deliver groceries, and last year it struck a partnership with Walmart Inc. The startup also is looking into alcohol and retail deliveries, according to job postings. Its other initiatives include testing autonomous-car deliveries via a partnership with General Motors Co.-owned Cruise Automation.

DoorDash's investors include CRV, Khosla Ventures, Kleiner Perkins and Sequoia Capital.

Write to Yuliya Chernova at yuliya.chernova@wsj.com

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Financials (JPY)
Sales 2019 9 488 B
EBIT 2019 1 228 B
Net income 2019 1 268 B
Debt 2019 10 566 B
Yield 2019 0,38%
P/E ratio 2019 9,92
P/E ratio 2020 9,02
EV / Sales 2019 2,46x
EV / Sales 2020 2,48x
Capitalization 12 751 B
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Number of Analysts 13
Average target price 13 751  JPY
Spread / Average Target 19%
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Managers
NameTitle
Masayoshi Son Chairman, President & Chief Executive Officer
Raul Marcelo Claure Chief Operating Officer & Director
Norikazu Oba Manager-Finance & Planning
Tadashi Yanai Independent Outside Director
Ken Miyauchi Representative Director & Vice President
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