"For years, Delivery Hero has been writing losses and basically doesn't operate any business or service in Germany itself," Oldenburger said.
However, there had been long discussions about the food delivery company's DAX suitability, said CMC Markets analyst Konstantin Oldenburger.
Gorillas Streamlines Operation
Recently, Gorillas, in which Delivery Hero is an investor, said that it planned to reduce its workforce by 300, cutting its administrative staff in half, as it seeks to focus on boosting profitability.
The startup, founded in 2020 in Berlin, has tripled the size of its business since October when it raised €860 million, but it has not been profitable amid an uncertain economic outlook.
"Risk has become irritating for investors, and nobody wants uncertainty right now. That makes it pretty hard to raise money right now," Sumer told Reuters in an interview. "When we go public, we want to do it as a profitable company."
He added that Gorillas aims to focus on Germany, France, Britain, the Netherlands and the United States, which make up 90% of the startup's business, and it was reviewing options for its smaller operations in Italy, Spain, Denmark and Belgium.