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Grubhub's new initiative, Serving the City, aims to combat rising food insecurity in New York City, aggravated by the pandemic and inflation. Launching June 24, 2022, the program plans to deliver 25,000 meals across all 51 City Council districts over the next 16 weeks. Food insecurity rates have surged by 36% citywide and 46% among children. Grubhub collaborates with local leaders and restaurants like Unique Eats and Mansion Diner to distribute meals, tackling hunger and supporting local businesses as part of its community impact efforts.
Grubhub launched Instant Cashout via Direct to Debit, enabling drivers to access earnings instantly through eligible debit cards. This service, powered by Hyperwallet from PayPal and Visa Direct, enhances flexibility for drivers, allowing cashouts at their convenience. More than 60% of drivers currently use Instant Cashout, facilitating an average of three transactions per week. This new feature is part of Grubhub's strategy to improve financial stability and is being rolled out throughout June 2022.
Grubhub has partnered with Cartken to introduce robot delivery at Ohio State University this fall. This initiative builds on previous pilots and aims to enhance student dining experiences while improving delivery efficiency on campus, which is difficult for vehicles. The robots utilize AI and camera-based navigation for safe operation and will handle various weather conditions. Grubhub currently serves over 250 college campuses, integrating meal plans with its platform. The partnership aligns with sustainability goals and aims to lower delivery costs while minimizing wait times.
Grubhub has launched MasterChef Table, a delivery-only virtual restaurant featuring gourmet American comfort food created by MasterChef winners and fan favorites. Available in over 20 U.S. markets, the menu features 11 dishes, including the Spicy Maple Bacon Fried Chicken Sandwich and Nashville Hot Shrimp Tacos. This partnership aims to enhance dining experiences and provides additional revenue streams for restaurant partners. The initiative coincides with the launch of season 12 of MasterChef, and Grubhub is running a sweepstakes to celebrate.
A recent Grubhub survey reveals that 64% of U.S. workers consider lunch the most important meal of the day; however, 69% of New Yorkers skip it due to busy schedules. To address this, Grubhub will offer New Yorkers a free lunch on May 17. The survey highlights that 87% of U.S. workers value lunch as a necessary break, and over 50% believe it enhances mental well-being. Grubhub aims to support busy workers by offering convenience and promoting lunch breaks, further incentivized with discounts until May 31.
On May 10, 2022, Feed the Soul Foundation launched its Restaurant Business Development Grant Program, backed by a grant from the Grubhub Community Fund, to assist Black and Latin-owned culinary businesses. The program will distribute $300,000, providing 30 selected businesses with $10,000 each, along with six months of business development services amidst ongoing economic recovery challenges. Founded by Falayn Ferrell, Warren Luckett, and Derek Robinson, the foundation aims to address the financial hurdles faced by minority entrepreneurs in the restaurant industry.
Grubhub has introduced a new Grubhub Pay Card aimed at enhancing ordering flexibility for corporate clients. The card allows employees to use a line of credit to order meals from any restaurant that accepts debit or credit cards, not just those on the Grubhub platform. This initiative is particularly beneficial for the growing number of hybrid workers. The card offers employers control over spending and is part of Grubhub's ongoing efforts to support local restaurants, having invested over $130 million in fee reductions and $21 million in grants since the pandemic began.
Cat Rock Capital Management, holding around 6.9% shares of Just Eat Takeaway.com (TKWY), urges shareholders to vote against the company's current Supervisory Board and CFO at the upcoming Annual General Meeting. Cat Rock believes that a new, stronger supervisory board is essential for improving accountability, strategic oversight, and safeguarding shareholder interests, particularly regarding Grubhub. They highlight that the existing board does not hinder strategic actions related to Grubhub and are committed to nominating capable new board members in the coming months.
Cat Rock Capital is urging Just Eat Takeaway.com NV (JTKWY) shareholders to vote against the reappointment of CFO Brent Wissink and the legacy Supervisory Board members at the upcoming Annual General Meeting on May 4, 2022. Despite a 75% decline in stock price since June 2020 and a total loss of €16 billion in equity value, JET has maintained strong operational performance, with a 97% organic growth in gross transaction value. Cat Rock attributes the decline to poor capital allocation and a loss of trust in management, emphasizing the need for new leadership to restore shareholder confidence.