DoorDash is an online food delivery and food ordering platform that empowers DoorDash Inc. has reportedly planned to acquire Wolt, a food delivery company for an all-stack deal of USD 8.1 billion (€7 billion). The deal is expected to close in the first half of next year.
Tony Xu, the Chief Executive Officer and Co-Founder of DoorDash has stated that the acquisition will expedite its product development, bring more emphasis to each of its markets, and enhance the value provided by the company to its merchants, consumers, couriers as well as Dashers around the globe.
With the closure of the deal, Miki Kuusi, the Founder of Wolt, will operate DoorDash International and report to Mr. Xu.
According to credible reports, the Finland-based Wolt is the sixth acquisition of DoorDash overall, and its second this year, including the acquisition of Chowbotics.
DoorDash, one of the benefactors of the COVID-19 pandemic, managed to set records for orders and their value as per its Q2 earnings. But the company did not gain overall profits with an average loss of USD 102 million for the quarter.
Wolt has secured funds of around USD 850 million to date. Recently, the company completed a funding round of USD 530 million in January. This was led by Iconiq Growth with DST, Tiger Global, Prosus, KKR, Coatue, and EQT Growth also participating in the round.
For the record, Wolt is a food delivery company that was founded in 2014. The firm has more than 4,000 employees across 23 nations. Its technology allows users to easily search and receive food using its platform by choosing a restaurant, placing an order, and hitting send.
local businesses and generates new methods for people to work, earn, and live. The company mainly operates by offering door-to-door delivery services to communities across cities.