For a while, many in the press liked to trumpet the so-called "Uber economy." Then came the cold realization that many of these "Uber for X" business models just weren't sensible. Suddenly a new narrative emerged: "The On-Demand Apocalypse!"
Well, the reality is somewhere in the middle. Today, TechCrunch published a set of leaked financials from high-profile on-demand delivery startup Postmates, and although the reports are over a year old, they show that Postmates is performing better than many believed, posting gross profits of $1.1 million in the first quarter of last year—a 67% increase over the previous quarter.
I reached out to Postmates, whose director of communications April Conyers sent me the following statement by email:
We're thrilled that Postmates continues to be popular and we're very happy with the business overall. Scaling a logistics company requires great attention to detail. We're even more excited to execute at a scale of 1M deliveries per month and operate the largest on-demand delivery fleet in the US.