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While around the world, COVID-19 has wreaked havoc on humans, businesses and numerous industries, particularly the restaurant sector, it has conversely proven to be a windfall for food delivery services such as Uber Eats, DoorDash, Grub Hub and Postmates.
Although operating in nearly 3,000 U.S. cities, in years past, Postmates grappled to create the revenue growth required to excite IPO investors. However, this pandemic-driven uptick in business has opened some novel opportunities for the company. On early Monday morning, Reuters reported that Postmates has revived plans for an initial public offering. Further, shortly after the Reuters report was published, the New York Times reported that “Uber has made a takeover offer to buy Postmates”.
Postmates’ prospects of going public or merging with Uber puts them at a unique crossroads, and on today’s Business Casual segment, MarketScale co-hosts Taylor Bagley, Tyler Kern, and Daniel Litwin discuss:
- The pandemic’s effect on food delivery services
- Postmates’ previous IPO attemp
- Consolidation within the food delivery category
- The pros and cons of staying private vs. going public vs. merging
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