9 June 2016 - Reuters

Delivery Hero CEO in no hurry to go public

BERLIN, June 9 – One of Europe’s biggest start-ups, German online food takeaway service Delivery Hero, is in no hurry to do an initial public offering, its chief executive said in an interview.

“We don’t feel under pressure to go to the stock exchange,” Niklas Östberg told Reuters.

The company founded in 2011, which has built up a delivery network for more than 300,000 restaurants in 33 countries, raised new funding last year from two undisclosed U.S. investors that valued the company at 2.8 billion euros ($3.17 billion).

Delivery Hero is seen as the start-up closest to going public in the portfolio of German ecommerce investor Rocket Internet. Rocket bought into Delivery Hero in 2015 and now holds a 37 percent stake.

Östberg said Delivery Hero was focused on increasing its market share while reining in costs. It has recently closed its business in China and ended a costly logistics service.

“We grew faster than ever in the first quarter despite lower marketing costs,” Östberg said.

Rocket said last week Delivery Hero’s revenues grew 91 percent in the first three months of 2016 to 71.9 million euros.

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