DoorDash aims to become the biggest food delivery in US

DoorDash, the San Francisco food delivery start-up, has raised $400 million in new funding, boosting its financial firepower as it aims to become the biggest player in the highly competitive US on-demand market. The round was led by Singapore’s state investment company Temasek and Dragoneer Investment Group, whose other stakes includeUber and Instacart. It values DoorDash at $6.7 billion, excluding the new funds. The company has raised close to $1.4 billion in its almost six years in existence, and nearly 90 per cent ofthat has come in the past year alone. That is a reflection of how the company, like its rivals, is spending heavily to grow. Its valuation has climbed from $1.4 billion after a $535 million round led by SoftBank in March 2018 to $4 billion in August with a $250 million injection led by Coatue Management and DST Global. The company is trying to take a lead over a crowded field of rivals offering rapid delivery from restaurants in the US. Uber is investing heavily in its Eats business,while Postmates and Instacart have both raised hundreds of millions of dollars in new venture funding in recent months… DoorDash operates in 3,300 North American cities, up from 600 in March last year. 
Shannon Bond