Deliveroo co-founder in line for bumper £172m payday after takeover bid by US rival DoorDash - but will the notoriously private millionaire finally stop delivering meals himself?
The co-founder of Deliveroo is set to be paid an eye-watering £172million windfall following a takeover from US rival DoorDash.
Will Shu founded the company alongside Greg Orlowski in 2013 after becoming dismayed about the lack of late-night food delivery options in London.
The entrepreneur - who moved to the UK to work for JP Morgan - struck upon the idea after being forced to eat Tesco sandwiches and salads during late shifts working as a banker in Canary Wharf.
So keen was Shu to get the business up and running, he became its first ever driver and still makes the occasional delivery even now.
Shu has put his all into building the company from the ground up and it now operates in nine countries and works with more than 130,000 riders across the world.
Deliveroo made sales of around £2 billion in 2024, with its shares having risen 2.2 per cent to 175.9p on Tuesday morning.
Shu is said to be in line for a £172million windfall from his 6.5% stake in the company, after it was bought for 180p a share in cash from Francisco-based DoorDash.
There are now questions as to whether Shu, whose friends claim to be 'obsessed' with the business, will stay on in his role as CEO.
Shu today remained tight lipped about his future after telling reporters 'that's not a discussion for today.'
But, according to Sky News, he is already contemplating stepping back as CEO as soon as Autumn this year.
Deliveroo's chief business officer Carlo Mocci is reportedly one of the favourites to replace Shu.
But sources told Sky no decisions about a replacement had yet been made, with another adding that a public announcement about any leadership changes would not be made for some time.
Other scenarios under consideration by the company could also see Shu stay in his role for longer, Sky added.
In a revealing interview on The Diary of A CEO in 2021, Shu acknowledged his business and love for food come above all else.
Shu, described as 'shy', has also confessed to not having 'room for other things' when he was asked about romantic relationships
He said: 'I think the brain is capable of filling itself up with certain things and there's just not room for other things.
'That's how I think about it. I'm a very obsessive person.'
That determination to ensure all is working well in his business has led to Shu wanting to experience the business just as his employees do.
In an interview with in March 2024, Shu said: 'I still complete deliveries today, which gives me the truest experience of how our business works.
'It lets me hear from our riders, restaurant, grocery and retail partners, I can test our latest tech developments myself and interact with our customers directly.'
On one occasion he even delivered pizza to a former investment fund colleague who he hadn't talked to in three years.
'He didn't understand that I started the company. He just thought I was a delivery guy,' he told Business Insider.
In a bid to stay ahead of the game, Shu has also completed deliveries for rival Just Eat so he could have an inside track on the competition.
Shu's net worth was valued at £165.5million in the Evening Standard's Tech Rich List in February 2024.
Childhood friends Shu - who was formerly a banker - and Greg Orlowski teamed up to start the business back in 2013 by hand-delivering pizzas to friends.
Since then the company has grown exponentially, operating in ten markets with 130,000 delivery riders and 180,000 restaurants on its platform.
The food delivery group was formerly branded 'Flopperoo' after its disastrous stock market float in 2021 – but has seen a revival in fortunes in recent years.
It received a boost in business during the pandemic when restaurants were forced to close and far more customers ordered meals online.
But Deliveroo has had a tough time since as it invested heavily in marketing, technology and head count.
Sales also slowed when consumers started to make their way back to pubs and restaurants after the lockdowns came to an end.
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