The Ledger, every show

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

“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…”

“There's a lot of regulation that is circumvented or ignored by Chinese and US companies.”

“I think Gen AI or the largest beneficiary of AI is, is going to be the average company deploying it and not necessarily the mag seven the ones who are building it. I think that is probably contrarian In this, at least if I look at the stock market, we will see…”

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

“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…”

“No, I don't think it's a winner-takes-all market. I probably changed my view there. Proven wrong, frankly.”

“And we can argue if Deliveroo is correctly valued today, I would argue they are too low value today. I don't know. It's a profitable business. It's growing and will continue to grow and it will make more money. So, so I do think that it's clear value in that b…”

“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.”

“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 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.”

“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.”

“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.”

“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.”

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

“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.”

“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.”

“Just Eat, Deliveroo and Uber Eats, and they all make money in the UK, I would say decently so.”

“I do agree that the best CEOs are exceptionally good capital allocators, but I don't think it's the most important part of a CEO's job. I think it is an important job, but by far not the most important. I think more important is to drive the culture. You drive…”

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

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

“If someone is willing to make a loss per order without that trajectory for getting profits, They might get some of the discount hunters and hunters, and the low value customer base might go to that competitor, but it, but it's not sustainable. So eventually th…”

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

“And they all make sense and they have good intention, but in collectively, it's just a big burden on, on, on those European companies. And I think a little bit unfairly that they are not the same criteria for other companies competing in Europe. So I think thi…”

“I think DMA is an example of good regulation.”

“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.”

“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…”

“Now, I don't think that there is, it's possible to consolidate UK and a few other market due to high trust. Reasons. So you can probably not consult at Deliveroo and just eat the Uber and Deliveroo and so on.”

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

“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…”

“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.”

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

“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.”

“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.”

“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.”

“I'm still a big fan of Amazon, but of course the valuation of those companies have gone up a lot. So you cannot count on margin expansion or multiple expansion. Sorry. So, so the growth in those stocks will only be, or the value growth in those stocks would ba…”

“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…”

“I would say robotics will be faster. So and probably be able to cover a larger portion of business.”

“I remember back in the nineties, I was investing in the stock market. I thought it was amazing. I made a lot of money. I lost it very quickly and realized that maybe I'm not that great after all.”

“You, you're not as good as you think you are in the good times and probably not as bad as you think in the bad times.”

“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 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 was part of starting was online pizza. It was a completely bootstrap, no investors at all. So we were break even almost on the first day of our business.”