May 23, 2019 / 4:54 PM / 2 months ago

DoorDash valued at $12.6 billion after latest funding round

(Reuters) - Food delivery company DoorDash said on Thursday it raised $600 million in its latest round of funding, valuing the California-based startup at $12.6 billion.

DoorDash, which has partnered with Chipotle Mexican Grill Inc and burger chain Wendy's Co to deliver hot food ordered on its smartphone app, said here its business grew more than 60% since its previous round of funding.

Founded in 2013, DoorDash delivers food from more than 340,000 stores on its platform in over 4,000 cities across the United States and Canada.

Its competition includes GrubHub Inc, which has a market capitalization of about $6 billion, and Uber Technologies Inc’s meal-delivery operation UberEats.

Darsana Capital Partners and Sands Capital took part in the DoorDash’s current funding round alongside existing investors Coatue Management, Dragoneer, DST Global, Sequoia Capital, Softbank Vision Fund, and Temasek Capital Management, the company said.

Reporting by Nivedita Balu in Bengaluru; Editing by Shailesh Kuber

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