Despite the sell-off in technology stocks, the co-founder of Nasdaq-listed DoorDash says the company is committed to investing its profits into emerging markets.
The co-founder and chief technology officer of DoorDash says the company is committed to investing its profits into emerging markets such as Australia, despite the sell-off in technology stocks, as it chases a greater share of the convenience and grocery delivery business.Andy Fang, who founded the Nasdaq-listed delivery business with Tony Xu and Stanley Tang at Stanford University in 2013, visited Australia last month to oversee the progress of the company’s local engineering hub.
After launching in Melbourne in 2019, DoorDash’s food delivery platform has grown to cover about 80 per cent of the Australian population and has signed delivery agreements with Coles, IGA, Chemist Warehouse and Petstock. Buoyed by lockdowns, the US company went public in late 2020 and its shares quickly surged 85 per cent but have plummeted from pandemic highs and are down 57 per cent so far this year.Asked whether the selldown in technology stocks would have an impact on DoorDash’s growth plans, Mr Fang said he was confident it would not.
“I think the international business is a great example of one that we have invested our profits, to see markets like Australia really flourish.The company declined to disclose how much it would invest in the Australian operation to fuel its growth.In its most recent financial results, DoorDash reported a net loss of $US167 million which was larger than the $US110 million loss a year earlier.
EBITDA rose to $US54 million from $US43 million in the 2021 March quarter and revenue increased 35 per cent to $US1.5 billion.
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