Deliveroo's sales rocketed by more than 600 per cent last year as the firm rapidly expanded and fought off UberEats.
In 2016, the food delivery company made revenues of £128.6m, up 611 per cent from £18.1m the year before. However, losses jumped from £30.1m to £129.1m.
Deliveroo's administrative expenses climbed from £28.2m to £142.2m on the back of hiring new staff and setting up a new office in London.
The group said it now works with more than 25,000 restaurants in 12 countries.
Why it's interesting
Deliveroo has been raising huge amounts of cash as it seeks to rapidly expand and hold off the advance of its rival, UberEats. In August last year, it sold 29 per cent of the company to raise £208.7m. It now has more than 30,000 riders and operates in over 140 cities.
The company has been in the spotlight this year as politicians seek to protect worker's rights in the "gig economy". All Deliveroo drivers are classed as self-employed, meaning they are not eligible to work benefits such as sick pay.
The company responded to a government review saying it would provide these benefits, but that it does not want to classify its riders as workers because this would reduce their freedom to do other jobs. Deliveroo suggested that the government should instead create a new legal status for those wanting to work more flexible hours.
What Deliveroo said
Writing in the firm's strategic report, Deliveroo founder Will Shu said: "The group's business operations are capitalising on rapidly changing food consumption habits. Its websites and smartphone apps enable consumers to enjoy food from their favourite restaurants, including many that did not previously take orders online.
"To ensure that it can continue to scale rapidly while providing the very best consumer experience, the group has been heavily investing in its technology team, hiring highly skilled software and hardware engineers in the UK."