Just Eat may be the best example of perfect market fit in the wrong country. Launched in Denmark in 2001, the team slowly realised they had built a great technology for local businesses, but in a country with a relatively small interest in takeaways.
However, about 500 miles west across the North Sea was a country responsible for 50 percent of the food delivery market in Europe, the UK. In 2005, Just Eat launched in E14 Docklands, and within six months were generating £7,000 a month from that single postcode.
Compared to other food delivery apps at the time, Just Eat was wholly focused on the technology. It offered the Just-Connect box for £250 (now £699), which connected businesses to the Just Eat ordering platform. This was a lot better than other solutions, which included faxing orders and sending automated phone orders.
From its base in the London Docklands, Just Eat continued to grow. Within three years, the company had moved its HQ to London and launched in the Netherlands and Ireland.
Just Eat’s business model was highly successful, it took 10-15 percent commission for every order, without any meaningful overhead. In the past few years, due to pressure from Uber Eats and Deliveroo, it has started to run its own delivery service. It has partnered with major food brands, like McDonalds, Greggs and Subway.
Even with the new competition, Just Eat is still ahead in the UK. This is partly due to the aggregator vs platform model, in many towns Uber Eats and Deliveroo are unable to operate as they need to hire delivery riders, whereas Just Eat doesn’t handle the majority of its orders.
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Download ReportExpansion for Just Eat has come in the form of acquisitions. It acquired Menulog in 2015 for £445 million, bolstering its position in Australia and New Zealand. It also acquired Skip the Dishes in Canada, which has become the most popular aggregator in Canada.
It also owns a 33 percent stake in iFood, an aggregator in Brazil responsible for about 85 percent of all food delivery in the country. This stake could be worth $1 billion, according to Bloomberg.
In 2019, Just Eat announced a merger with Takeaway.com. Both companies operate in Europe, although Takeaway.com is more prominent in German and Eastern Europe, while Just Eat is popular in France, Spain and the UK. The new company is called Just Eat Takeaway.
The takeaway giant added a third pillar to its empire, in the form of Grubhub, which it acquired in June 2020 for £5.75 billion. The deal gives Just Eat an 18 percent foothold in the US market.
The combined revenue of Just Eat Takeaway and Grubhub ($4.65 billion) makes it the largest food delivery company in the West, although it is dwarfed by Meituan and Ele.me, the two Chinese delivery giants, which have reported revenues of over $7 billion.
One of the worries for Just Eat Takeaway is that its model, predicated on restaurants delivering to the customer, becomes less valuable as platforms step in to cover delivery.
We have collected data and statistics on Just Eat. Read on below to find out more.
Just Eat key statistics
- Just Eat Takeaway generated £4.4 billion revenue in 2021, a 37% year-on-year increase
- Grubhub is responsible for 46% revenue for the combined Just Eat Takeaway entity
- In 2021, Just Eat Takeaway’s losses grew to £291 million
- Just Eat Takeaway has 99 million active consumers
Just Eat overview
| Launch date | August 2001 |
| HQ | Kolding, Denmark |
| People | Jitse Groen (CEO, Takeaway.com), Peter Duffy (interim CEO, Just Eat), Paul Harrison (CFO) |
| Business type | Subsidiary |
| Parent company | Just Eat Takeaway |
| Industry | Food delivery |
Just Eat revenue
| Year | Revenue |
| 2011 | £34 million |
| 2012 | £60 million |
| 2013 | £96 million |
| 2014 | £157 million |
| 2015 | £248 million |
| 2016 | £375 million |
| 2017 | £545 million |
| 2018 | £779 million |
| 2019 | £1.3 billion |
| 2020 | £3.2 billion |
| 2021 | £4.4 billion |
Note: 2020 and 2021 values include combined company (Just Eat, Takeaway.com, Grubhub).
Source: Company data
Just Eat profit
| Year | Profit |
| 2013 | £7 million |
| 2014 | £19 million |
| 2015 | £35 million |
| 2016 | £72 million |
| 2017 | (£72 million) |
| 2018 | £80 million |
| 2019 | (£99 million) |
| 2020 | £302 million |
| 2021 | (£291 million) |
Source: Company data
Just Eat users
| Year | Users |
| 2011 | 2.4 million |
| 2012 | 4.1 million |
| 2013 | 5.9 million |
| 2014 | 8.1 million |
| 2015 | 13 million |
| 2016 | 18 million |
| 2017 | 21 million |
| 2018 | 26 million |
| 2019 | 38 million |
| 2020 | 91 million |
| 2021 | 99 million |
Note: 2020 and 2021 figures include Grubhub.
Source: Company data
Just Eat orders
| Year | Orders |
| 2011 | 14 million |
| 2012 | 25 million |
| 2013 | 40 million |
| 2014 | 61 million |
| 2015 | 96 million |
| 2016 | 136 million |
| 2017 | 172 million |
| 2018 | 221 million |
| 2019 | 286 million |
| 2020 | 816 million |
| 2019 | 1,086 million |
Note: 2020 and 2021 includes Grubhub.
Source: Company data
Just Eat gross merchandise value
| Year | GMV |
| 2014 | £1 billion |
| 2015 | £1.7 billion |
| 2016 | £2.5 billion |
| 2017 | £3.3 billion |
| 2018 | £4.2 billion |
| 2019 | £17.8 billion |
| 2020 | £23.4 billion |
Note: 2020 and 2021 includes Grubhub.
Source: Company data
Just Eat restaurants
| Year | Restaurants |
| 2011 | 17,000 |
| 2012 | 29,900 |
| 2013 | 36,400 |
| 2014 | 45,700 |
| 2015 | 61,500 |
| 2016 | 68,500 |
| 2017 | 82,300 |
| 2018 | 105,000 |
| 2019 | 185,000 |
| 2020 | 506,000 |
| 2021 | 634,000 |
Note: 2020 and 2021 includes Grubhub.
Source: Company data
Just Eat revenue per order
| Year | Revenue per order |
| 2011 | £1.97 |
| 2012 | £2.00 |
| 2013 | £2.11 |
| 2014 | £2.29 |
| 2015 | £2.35 |
| 2016 | £2.59 |
| 2017 | £2.92 |
| 2018 | £3.30 |
Note: Just Eat stopped disclosing this information after the merger, see below for average order value
Source: Just Eat
Just Eat Takeaway average order value
| Year | Average order value |
| 2019 | €20.69 |
| 2020 | €26.24 |
| 2021 | €25.94 |
Source: Company data
Just Eat countries available
| Year | Countries available |
| 2014 | 8 |
| 2016 | 12 |
| 2018 | 13 |
| 2020 | 23 |
Note: 2020 values include Takeaway.com
Sources: Just Eat
Just Eat UK marketshare
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Just Eat FAQ
What is the largest age demographic on Just Eat?
Largest Just Eat age demographic is 18-34 year olds, young families on average order the most
How many orders does the average restaurant receive a year on Just Eat?
The average restaurant receives 2,300 orders per year
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