Deliveroo riders to get big cash bonuses pending London IPO approval

Deliveroo riders to get big cash bonuses pending London IPO approval
Thousands of Deliveroo riders are reportedly in line to receive big payments that can possibly range from anywhere between $370 to over $18,500 if the company’s planned IPO in London successfully goes through.

According to a company announcement, these payouts are a part of the startup’s ‘Thank You Fund’, designed to reward Deliveroo riders that have made delivery for the most orders. Supposedly, the fund, which is set to launch on the same day as the initial public offering, would be available to all active riders across the 12 markets Deliveroo operates in.

The proposed payments would be calculated on the basis of the total number of deliveries completed by all eligible riders. The biggest payments would be made to those that have completed the most number of deliveries in each of the 12 markets.

The payments would apparently start from a low sum of $370, designated for riders that have worked for the company for a year at least and have completed over 2,000 deliveries. These amounts would keep increasing to over $925, $1,850, and the highest sum of over $18,500.

The company stated that the ratio of drivers eligible for each of the awards would remain consistent throughout all its markets. Deliveroo estimates that more than 36,000 company drivers would receive the cash payments globally, with each rider receiving $815 on average.

Deliveroo chief executive and founder, Mr. Will Shu, stated that drivers are the heart of the company’s business, and Deliveroo wants to reward their immeasurable efforts which have helped the firm reach to where it is today. Commitment of the company drivers to ensure great service has allowed Deliveroo to grow and deliver top-of-the-line food delivery experience across the world.

As per reliable reports, Deliveroo is looking for a London listing with a potential $10 billion valuation. As of January, the company was valued at approximately $7 billion after it raised over $180 million from a recent funding round.