Deliveroo Singapore revenue up 70% to $44.5m in 2018

This is mainly due to an investment of $20.7m from Deliveroo HQ for expansion purposes.

Food delivery platform Deliveroo’s recorded an almost 70% or $18.1m revenue increase to $44.5m from $26.4m previously, an announcement revealed.

The revenue growth comes after Deliveroo HQ invested $20.7m in its Singapore arm mainly to increase its rider and restaurant partner base numbers by 6,000 and 4,000, respectively.

Also read: Deliveroo adds $302.7m in revenue to Singapore's economy: report

The company also announced two new tools for their partners restaurants: Restaurant Home, an online portal which provides data insights on delivered orders, such as feedback on delivery times and order ratings, to improve overall service; and Marketer, which allows restaurants to set up their own marketing offers to consumers on the app.

Globally, Deliveroo’s sales grew to $462.1m for 2017, a jump of 116% from $214.4m in 2016. Gross profit also increased to $107.27m from $1.84m, which the company attributed to a growing maturity in existing markets, improved services and growing order volumes.

The company also recently launched the Asia Pacific (APAC) Performance Hub, based in Singapore, which will focus on driving growth in the region by providing support to all business hubs located in APAC.

In May, Deliveroo raised $575m in Series G funding, part of which it will use to add 5,000 restaurant partners and another 2,000 riders in Singapore by the end of the year.