Yes, but as you’ve pointed out not at their desired multiples. The history of the concept goes line this: 1) Some restaurants begin offering delivery for a fe

Yes, but as you’ve pointed out not at their desired multiples. The history of the concept goes line this: 1) Some restaurants begin offering delivery for a fee as a service to busy customers. 2) Restaurants figure out free delivery is a great loss leader and make it up on volume. 3) Seamless figures out they can centralize the menus of these companies using the Web. Restaurants still handle the delivery themselves and pay Seamless a small referral fee. 4) DoorDash innovates on this by vertically integrating the delivery aspect themselves allowing scale and access to restaurants that did not previously offer delivery. 5) DoorDash begins the process of “delivery arbitrage” betting people will pay more for individual items if delivered. 6) Ghost Kitchen are invented to vertically integrate the restaurant into the service. This bets that people are price sensitive to delivery fees/arbitrage. Going up to #3 was profitable.