DoorDash, Inc. Thesis

DoorDash is the market leader in US food delivery. Its moat is its three-sided marketplace (consumers, merchants, and Dashers) which creates strong local network effects. The growth driver is the expansion into new verticals beyond restaurants, such as grocery, convenience, and retail, as well as international expansion. The investment thesis is that DoorDash can leverage its logistics network to become the go-to platform for all local commerce, not just food delivery.