That is also a meteoric growth from revenues of $3 million in 2013 and $70 million in 2014. According to other reports, Blue Apron managed to turn in profits in the third quarter of 2016. The revenue is a significant increase from the $300-$400 million target that the company had laid out for its investors last year. It claims to be supplying nearly 8 million meal kits within America each month.īlue Apron is privately held and does not disclose financials, but recent reports suggest that the company may have earned revenues between $750 million to $1 billion in 2016. The company earns revenues through a subscription model that allows consumers to choose from multiple meal plans based on the number and frequency of meals required. New York-based Blue Apron has developed a successful following for its meal-kit business. It estimates that the industry will grow to be a multi-billion dollar market over the next five years. Researcher Packaged Facts pegs the US meal kit delivery services market to be worth $1.5 billion last year. By providing recipe instructions along with pre-portioned ingredients, consumers can prepare delicious home cooked meals. 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.Īccording to Bloomberg, Blue Apron was profitable in the third quarter of 2016, so perhaps we may be seeing a 2017 IPO after all.Meal-kit delivery services like Blue Apron have seen stellar success in the recent past, driven by convenience offered to the consumers. The company was rumored to be eyeing an IPO this year, valuing the company around $3 billion.
Even The New York Times, in partnership with Chef’d, launched its own branded meal kit service. But many competitors have emerged, including Plated, Chef’d, Home Chef, HelloFresh, and Amazon (AMZN). Get Data Sheet, Fortune’s technology newsletter.īlue Apron was one of the first startups to capitalize on the meal kit delivery craze. 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. Blue Apron costs $9.99 per person, per meal or $59.94 weekly. 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.
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