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Support your local restaurants. Don’t let these vampire platform companies enshitify your city’s food scene.
We say shopping at Whole Foods, Walmart, and Kroger.
This part feels like The Onion. 30 private taxis coordinating for your meal. "customers can order from upwards of 30 restaurants in a single order, with each item being made-to-order in a sequenced fashion so that they finish simultaneously and can be delivered to the customer together."
A Wonder just opened near my house, and the "different restaurants" seem to really be just different sections of a large menu with distinct branding. I.e., there is a single physical kitchen that makes food from the different "restaurants".
I don't think anyone thinks this is "innovation"... it's just a slightly different take on Uber Eats / Spoonrocket / food courts / cloud kitchens / etc.
And if there is an "innovation", it's the vertical integration... it's a business "innovation," not a tech one.
This part feels like The Onion. 30 private taxis coordinating for your meal. "customers can order from upwards of 30 restaurants in a single order, with each item being made-to-order in a sequenced fashion so that they finish simultaneously and can be delivered to the customer together."
A Wonder just opened near my house, and the "different restaurants" seem to really be just different sections of a large menu with distinct branding. I.e., there is a single physical kitchen that makes food from the different "restaurants".
Earlier quoted context omitted.
Where did all the money go?
Earlier investors. Ever hear of pump and dump ? After you sell you’re insulated from future performance as long as you don’t commit actual fraud etc.
When did GrubHub buy early investors' shares with company cash?
Those weird ghost kitchen things have more than half a billion dollars to spend on acquisitions?! I wonder how this came to be - did they already have that big of a war chest, or did they hear they could buy a name brand and go back to their investors to finance it?
IMHO it's sort of the inverse*: its not that weird ghost kitchen things have $500 mil for acquisitions, its that Marc Lore has enough salesmanship to get private capital to lend $100M to get a turnkey delivery business for his food entrepreneurship, and the banker loans can pretty it up to sound like $600M, and the decision makers at GrubHub get a mildly-embarrassing outcome instead of an extreme outcome. (shutdown)…
How do these deals work? I am assuming, and I could be very wrong, that Wonder is smaller by market cap than Grubhub.
Both companies are private, so neither has a "market cap". They just need to agree on a price. In this case, GrubHub had taken on a bunch of debt; Wonder agreed to assume it, and GrubHub's owners/investors get $150M in cash.
Private companies have shares. Given a per-share price, you can get a market cap. For a company with debt, like GrubHub, enterprise value is a better metric.
Ghost kitchens are the biggest scam in the food delivery world. why would anyone pay for an unsanitary kitchen to fry them up some frozen food?
Who says they're unsanitary? Are they not subject to the same kinds of health inspections that regular restaurants have to go through?
Ghost kitchens are the biggest scam in the food delivery world. why would anyone pay for an unsanitary kitchen to fry them up some frozen food?
Many normal restaurants do a lot of heating up pre-prepared food as well.