Meal kit delivery service Blue Apron brought in between $750 million and $1 billion in revenue, according to a new report from Bloomberg. That puts the company’s 2016 sales at more than double the company’s initial $300 million to $400 million goal for the year.
Blue Apron, which sends subscribers a box of ingredients each week to cook at home, has become a leader in the meal kit delivery space by shipping 8 million meals monthly. Blue Apron costs $9.99 per person, per meal or $59.94 weekly. But marketing costs are high, including the cost of acquiring customers, and the New York-based startup is also reportedly invested in new fulfillment and shipping centers.
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Blue Apron was one of the first startups to capitalize on the meal kit delivery craze. But many competitors have emerged, including Plated, Chef’d, Home Chef, HelloFresh, and Amazon (AMZN). Even The New York Times, in partnership with Chef’d, launched its own branded meal kit service.
The company was rumored to be eyeing an IPO this year, valuing the company around $3 billion. However, in December, the company reportedly put off its IPO in hopes of improving its financials, delaying selecting bankers while it focuses on improving its financial metrics.
According to Bloomberg, Blue Apron was profitable in the third quarter of 2016, so perhaps we may be seeing a 2017 IPO after all.