As more and more home cooking delivery services crowd the market, one of the biggest names in the game appears to be raking in the dough. Sources familiar with meal kit startup Blue Apron’s finances tell Recode that the company is on track to exceed upwards of $1 billion in revenue over the next 12 months.
The $1 billion in revenue is based on a projection, known as an annualized run rate, that estimates future revenue based on Blue Apron matching or growing its monthly sales totals.
Blue Apron declined to confirm any figures related to its financials, but — if accurate — the number could prove good news for the company that sources say is in talks to go public as an IPO. Blue Apron was most recently valued at $2 billion after it secured $135 million in investments last year. If Blue Apron created an IPO it would likely be valued at $3 billion.
The meal kit trend is a fast-growing industry, however, according to market research firm Packaged Facts, accounting for investments, no home cooking delivery services are currently considered profitable.
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