This Week in Startups How JOKR lost $159 per order, rising startup valuations, OpenSea freezes stolen NFTs, Web 2 CEOs troll Web 3 | E1351
Jan 4, 2022
A QuickCommerce startup faces a staggering loss of $159 per order, highlighting the financial woes of rapid delivery services. The episode dives into startup valuations and the current market dynamics. It also addresses COVID testing challenges and critiques the U.S. pandemic response. In a dramatic turn, OpenSea freezes $2 million worth of stolen NFTs, sparking a lively discussion about the clash between Web 2 and Web 3 ideologies, showcased through humorous jabs between prominent tech CEOs.
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JOKR's Losses
- Quick commerce startup JOKR lost $159 per order in the US during August 2021.
- This is due to an asset-heavy model, including owning inventory and employing full-time drivers with e-bikes.
Startup Concepts
- Unit economics and asset-heavy vs. -light models are key startup concepts.
15-Minute Delivery
- To achieve 15-minute delivery, inventory must be strategically located within the city.
- JOKR is acquiring bodegas and corner shops for this purpose, raising gentrification concerns.