Do the companies of the future have a future? A case-based overview of the structure, development and limitations of delivery platforms

On-demand service platforms like Uber, Deliveroo and Foodora have operated for over a decade. Yet, they have still not achieved profitability. Do these challenges stem from the particular aspects of their business models, such as two-sided markets and digital platforms, or do they reveal deeper structural issues? This article analyses Deliveroo's financial statements and synthesises data from its key stakeholders – restaurants, delivery couriers and consumers. It aims to examine the company's economic framework, track its trajectory since 2018, and highlight the constraints on its growth. The findings show that Deliveroo's cost structure is dominated by variable costs, while revenue from restaurants and consumers remains relatively stable. Since 2022, the two main drivers of profitability – platform growth and reductions in courier compensation – have stagnated, while rising inflation has created substantial obstacles to the financial sustainability of these platforms.