Skift Take
Thanks to its parent company's IPO filing, we're finally learning more — officially — about the food delivery giant and how it expects to grow.
Uber filed its IPO paperwork on Thursday afternoon, officially pulling back the curtain on its Uber Eats food delivery business, which launched as a standalone app in December 2015. So far, we've only known what the company has told us: the Eats business provides spectacular opportunity for the company, and will be a huge part of its success on the public market. Now, we can see a little more clearly into the inner workings of the delivery giant to get a sense of just how big — and important it is.
Uber Eats is a workhorse for its parent company.
Uber Eats has experienced massive growth since its inception. In the last quarter of 2018, the company saw $2.6 billion in gross bookings, which is the metric used by the company to define total sales. Gross bookings — which include the dollar value of all orders and taxes, but not driver tips — increased nearly 500 percent from the first quarter of 2017 through the final quarter of 2018.
The addressable market for restaurant delivery is massive and Uber Eats is only scratching the surface.
Uber Eats estimates global consumer spending on off-premise orders via restaurants is currently at $795 billion, with diners shelling out 20 percent
