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How does it make any sense that DoorDash has a valuation of $13b when Grubhub is only worth $4b with a similar market share? DD has been discounting so heavily that they can't obviously sustain that after the VC money turns off.

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It's worth noting that Chase, which I believe is helping with the IPO, gave all Sapphire Reserve card holders a perk that effectively gave you 2-3 free DoorDash orders, bumping up their unique users just in time for an IPO. Feels unethical to me.

That is incredibly alarming. Very reminiscent of WeWork and Regus. Only time will tell if it's a bubble that will burst.

That said, I'd really love to know what I'm missing or overlooking here, as GrubHub/Seamless being 30% the value of DoorDash feels waaay off here.

growth is the difference. Grubhub's market share has been shrinking for many quarters, while Doordash's has been rapidly increasing.

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