It’s taken Deliveroo more than a decade to do it, but this month, the company made an annual profit for the first time. This might come as a surprise. If you live in London, you probably see one of the 15,000 or so couriers like me zooming past you several times a day. And with Covid triggering a takeaway boom five years ago, you’d reasonably assume that these apps are raking it in.
But while companies such as Deliveroo and Uber have been pumped full of cash by investors, many have been losing money year after year, as they tried to squeeze competition out of the market. Twelve years into its existence, Deliveroo has finally made good on the promise to its investors and turned into a moneymaker, recording a £3m profit.
