In April 2014 Just Eat floated on the London stock market with a valuation of £1.47 billion. Even though it owned no restaurants, had no consumer recognition and owned no patents, it was worth more than the long-established Pizza Express. It did have one important and valuable claim though:Just Eat is the world’s largest online takeaway ordering service, operating in 13 countries.
Just Eat started in Denmark in 2001. Founded by Jesper Buch, the idea was simple: take the hassle of website development away from takeaway restaurant owners. Instead of paying for an independent, probably clunky, web presence, restaurants could sign up with Just Eat and advertise on its super-slick e-commerce site. With every order, Just Eat takes 13% of revenue as its commission. Needless to say, if volumes are high enough, this becomes a vastly profitable business.
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