Deliveroo has announced that a multi-million dollar reward programme was to be set up on the day of an Initial Public Offering (IPO).
As reported by CNA, £50 million (~US$69 million) worth of shares will be available to all customers. Any customer who had placed an order would be able to register their interest via the company’s app from Monday.
In addition, there will be a £16 million (~US$22 million) Thank You Fund to give out cash payments to riders around the world. Deliveroo has expressed that it wants to recognise the invaluable role that riders have played in the journey to an expected listing.
The payments will be available to active riders in all 12 of Deliveroo’s markets and eligibility will be based on the number of orders they have delivered.
Payment Tiers
According to their press release, “There will be payments of S$18,500, S$1,850, S$925, with all riders who have worked with Deliveroo for at least one year and completed 2,000 orders receiving S$370.”
“The percentage of riders eligible for each of the different awards will be consistent across all markets.”
They also added that the payment will be calculated with reference to the number of orders completed by the eligible rider, with the largest payments being made to those riders who have completed the highest number of orders in each market.
Eligible riders are expected to receive an average of S$815. The company expects over one-quarter of its global rider fleet, or over 36,000 riders, to benefit from this scheme.
Riders At The Heart Of The Business
Deliveroo “is expecting increasing growth in 2021 and beyond” as online food delivery continues to be a growing market.
According to The Straits Times, Deliveroo is currently valued at US$7 billion (~S$9.4 billion). It is seeking a listing in London with a potential valuation as high as US$10 billion (~S$13.4 billion).
The founder and CEO of the company, William Shu, expressed his gratitude to delivery riders.
“Riders are at the heart of our business, and we want to reward their efforts that have helped Deliveroo become what it is today. Their commitment to great service has enabled us to grow and offer the best food delivery experience in the world.”
Noting how the pandemic has affected the world, he added, “over the last year riders have helped us do so much more than just deliver great food, having supported businesses and enabled vulnerable people or those self-isolating to stay safe indoors throughout a global pandemic. We’re pleased to be able to say thank you.”
Feature Image: nrqemi / Shutterstock.com
Over in TikTok, there’s a drama involving property agents that’s caused by us. Here’s what happened:
Read Also:
- A Yishun “Landlord” Who’s Not a Landlord Took $1,000 Deposit & Allegedly Banished a Knife When Prospect Requested Deposit Back
- Taxi Slams into Woman Who Jaywalks While Looking at Her Phone at Orchard Road
- Woman Took an Empty Bowl in a Noodles Stall Without Permission, Leading to a Shouting Match
- 3 Shops In Singapore To Custom-Make Affordable Charm Bracelets & Necklaces
- Soon, Your Bank Accounts Could be Restricted If You’re a Potential Scam Victim
- Man Manages To Forge Over 460 Grab Receipts to Claim Over $16,400 From His Company
Advertisements
