Delivery Hero

“We have almost no overlap with Just Eat or Delivery Hero.”

“Ralph has raised over two hundred and sixty million dollars for the company, most recently valuing it at 1.2 billion dollars, and prior to Joker, Ralph spent close to seven years as the founder and CEO of Food Panda, as well as enjoying roles as chief strategy…”

“We're seeing between 1.3 to two percent of revenue from the advertisements platform. We've just got into this space, right? And the benchmark for Delivery Hero is about three percent.”

“It was an all stock acquisition for 2.3 billion.”

“I think in hyperscaling, things can work with the CEO being away fundraising, because there's just so much energy. Into the business that, that is transmitted. And it, you know, and actually that's what I had to do. I was all day fundraising. No, I was almost …”

“But I don't think it's about a market. I think every, I don't know, almost every market in the world would probably work with this. It's just a matter of getting that product market fit right.”

“So in the end, sometimes it could be that the best markets are the ones that's going to cost a lot of money for a number of years because you want to invest to grow it. So it's not necessarily that the best market will be fastest to break even. It could be tha…”

“So I think effectively in the end, COVID was not a good thing for us.”

“So, so we have a lot of hundred times returns or even a thousand times return, but most of them were small businesses.”

“So if I give some of the examples was acquired when the company did 60,000 orders per month. And today it does maybe twenty million orders per month, or close to at least.”

“I think the same selling our home market was clearly a contrarian decision. Maybe some investors thought it was okay, but I think in the company there was a very contrarian view to sell your home market. But I think that that made us incredibly strong.”

“And global, we lost three hundred thirty million. When we acquired it”

“If we would have known that we would have cut costs A lot faster earlier. We would have probably taken down risk a little bit. We would have saved as much money as we can. We probably would have raised equity instead of debt during the time when we thought tha…”

“We didn't do that fast enough in, in Colombia, as a good example, and we get disrupted by Rappi. So then the cohorts deteriorated big time.”

“And I think right now that's a big part of our business and long term is going to be more than 50% of our business. So larger than food for sure.”

“Uber and others entered the market and proved that you can start this business way later than we did”

“Back in end of 2021, We felt a little bit worried about the market. We shut down Germany and Japan. We cut a 102 hundred million out of our budget before the year even started.”

“We were definitely overvalued, and we are probably undervalued today.”

“I don't think that the balance sheet matters. I don't know. In the end, that is not what limits any compared to spend money. It's going to be the return that is going to limit a compared to spend money. So it's going to be hard for a door dash or Uber or somew…”

“I think what I've learned over the years is 80% our own execution. That is going to matter for how big we get and how much money we make, and then maybe 20% driven by competition.”

“It already reached a point where you can actually make it work economically. And in some places regulation is also a part of it. It will take time to scale it. But I think Over time, I know, 25% of delivery could be done by drones, but it might be 10 years, so…”

“If you have a story or not, that's a little bit Cosmetics. I don't care for that cosmetic so much. I care for actually leveraging and truly make our business better for it.”

“If you take our Thailand business, we scaled from a couple of thousand orders a day up to 400,000 orders a day in less than a year, but it was not sustainable.”

“The first initiative we did, we lost six million. It looked terrible. And most people have probably given up there, but we shut down that company and rebuilt it again and invested the 1000 of million in logistics.”

“So in the end, we know that the margin on the business is going to grow to 10, 10 to 13% over time.”

“We entered as a number two and number three, number four player in those markets. And we are now the largest.”

“I think that was an incredible acquisition only diluting Yeah, a few percent less than a 10% for a business that is, is clearly gonna outgrow the rest of the business.”

“I think if you look at things right now, we probably prefer to build.”

“And we had to make a full massive migration that took nine months. Because you had to move everything at once. That took a big hit on the business and it took two years to fully recover from that.”

“Look at Talabat. It was a little bit more expensive, but they were doing, yeah, seven to 8000 monthly orders, and now that is a ten billion business. So that is a hundred times return or so.”

“Yeah, so, so, and of course, going back to this two hundred million mistake also done here that we were a thirty five billion company. So this was Back then, less than a percent. It was a half a percent of our market cap that we felt like we are willing to tak…”

“It's better to dilute and not, not think too much about it.”

“And back then, so this was 2017, and I felt that the market is not as big as it looks. It has a strong comparator there, and there will be no way of consolidate that market later on, given the regulation around M&A and so on. So I think, I thought this is goin…”

“So for example, with logistic, it took a couple of years before we were broke even per order basis in, in, in logistic, same with DMART and the whole quick commerce. It took us a couple of years to be break even per order basis, but we didn't, it was not becau…”

“I cannot blame Oscar for challenges that he is not responsible for that has affected him, but where we have collectively taken decisions that we think are right, then of course we also take shared responsibility on those topics.”

“I don't think it moved industry forward that much. I think it just drove some non-sustainable behavior and same here.”

“Yeah, we put in close to two hundred million dollars. We got some of it back, a small portion back. But yeah, it was, most of that was lost.”

“So yeah, as long as you get scale, you will make money regardless if you're number two or number one. Of course, if you're number two, you will have less scale. You will make less money, but you will still be able to make money.”

“And for us, like when this deal, you know, we have to go through the sort of requisite regulatory and shareholder processes, but delivery will be a much bigger business for mobility.”