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GrubHub IPO Shows Seamless Is Profitable And Growing Like Crazy

Jim EdwardsFeb 28, 2014, 22:41 IST

GrubHubMatt Maloney, GrubHub's CEO.

GrubHub - which operates the Seamless restaurant delivery app - is profitable and still growing, its IPO filing shows.

In 2013, the company booked $137 million in revenues, and $38 million in net income. GrubHub has been profitable for three straight years, and is currently growing at a rate of 66% a year.

The company lists 28,000 restaurants as clients and 3.4 million "active diners" using its apps. There are 135,000 meal orders per day, or combined "Daily Average Grubs," as the company defines them.

GrubHub has 680 employees and $86 million in cash on its balance sheet.

Seamless merged with rival GrubHub in May of this year. Matt Maloney, GrubHub's CEO, became the new company's chief executive officer. Jonathan Zabusky, Seamless' CEO, became its president.

Since then Yelp also entered the food delivery business - so this is a category that is heating up. An IPO would swell Seamless' coffers for the fight against Yelp and other food delivery insurgents, like Eat 24.