Postmates Chief Financial Officer Kristin Schaefer says the prepared food and grocery delivery service has found a “secret weapon”—a loyal base of subscribers to its unlimited delivery plan who can help it weather tough competition from rivals that include Uber, DoorDash, Grubhub and Amazon. The quickly growing group of customers—and the recurring revenue they generate—may also send a welcome message to investors as the company prepares for an IPO this year.
The subscribers now account for about 30% of Postmates’ business and spend more than $3,000 annually each, Ms. Schaefer said in an interview. The group has grown 300% year-over-year and pays $9.99 monthly or about $96 annually for unlimited free deliveries on orders over $15.
