Food delivery startup Postmates is soon to join the IPO race. The initial paperwork to start working publicly has already been filed. The future plans of the company have already been confirmed and showcased on their website. Postmates is a startup based in San Francisco and was launched back in 2011. The company was co-founded by Sean Plaice, Bastian Lehmann and Sam Street. The company has already been serving in 2940 cities in Mexico and US and the business is indeed blooming.
Customers can get any item delivered at their doorstep, from cakes to mobile chargers. The network is mostly used to deliver food from restaurants. The wide ranged startup also works to deliver products for Walgreens and Apple. Many celebrities are also recommending their services lately. During January, Kylie Jenner said she spent $10,000 for their services in the last year. Postmates has spent a total of $675 million for the purpose of funding till now. Current valuation of the company is $1.85 billion as seen in last month.
Postmates was started quite as a private startup company which was then valued at $1 billion. Company bosses expect it to go public in 2019 and do well considering its performance till now. Other companies are Uber, Airbnb, Lyft and Pinterest. Chief Financial Officer of Postmates, Kristin Schaefer revealed the massive power subscribers of unlimited delivery by the company. Subscribers are required to pay a mere amount of $9.99 every month and gladly receive free deliveries above $15.
Kristin also mentioned that 2019 seems to be an auspicious year to make it to the public keeping the demands of the investors. Behind such huge success, Uber Eats also deserves huge appreciation. Postmates has not yet been able to earn a very good profit. But Kristin is optimistic about that change once the company goes public.