DoorDash to acquire Wolt in an all-stock deal

November 10, 2021 09:09
Photo: Reuters

On–line food ordering and delivery platform DoorDash announced Tuesday it has agreed to acquire food delivery company Wolt in an all-stock deal valued at around €7 billion, or US$8.1 billion.

Tony Xu, co-founder and CEO of DoorDash said in a statement that the move “will accelerate our product development, bring greater focus to each of our markets and improve the value we provide to consumers, merchants, as well as Dashers and couriers around the world.”

Finland-based Wolt was founded in 2014 by Miki Kuusi, who, upon the deal closing, will run DoorDash International and report to Xu. The company has over 4,000 employees across 23 countries.

Wolt, which represents DoorDash’s sixth acquisition, has raised over US$850 million to date, according to TechCrunch. Its most recent funding round was US$530 million in January, led by Iconiq Growth, with participation from Tiger Global, DST and KKR, among others.

DoorDash has been one of the benefactors of the global pandemic. The company more than doubled its revenue in the six months ended June 30, but losses also doubled to US$212 million.

Share price of DoorDash has gained 38 percent year to date, lifting the firm’s market value to around US$65 billion.

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