LONDON: British takeaway food delivery firm Deliveroo has raised $385 million in new funding, the firm said in a statement on Sunday which set out that the money would help establish operations in new areas of the country and overseas.
The firm said the funding round brought its total valuation to more than $2 billion and would allow it to expand into new “towns, cities and countries,” enlarge its technology team, and work with restaurants to develop delivery-only kitchens.
Deliveroo operates in over 150 cities across 12 countries.
The funding is led by funds and accounts advised by T. Rowe Price Associates, Inc. and Fidelity Management & Research Company, the company said.
“We are excited to see this capital put to use to build out their Editions concept and expand their geographic footprint,” said Henry Ellenbogen, portfolio manager at T. Rowe Price New Horizons Fund.
Like taxi app Uber, which was stripped of its London operating license on Friday, Deliveroo has been criticized by unions who say it is exploiting its staff by not offering basic protections and some riders are pursuing legal action to push for workers’ rights.
Deliveroo has previously said it would give its self-employed riders insurance and sick pay if the government changed the law so it could offer some, rather than all, the entitlements enjoyed by workers.
— REUTERS
Food delivery firm Deliveroo raises $385m for expansion
Food delivery firm Deliveroo raises $385m for expansion
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
