20VC: The Memo: Never Before Revealed Metrics; A Full Breakdown of Unit Economics Behind JOKR, How Does Emerging Markets Compare to Developed Economies & The Biggest Misnomers on Quick Commerce with Ralf Wenzel, Founder & CEO @ JOKR

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The Twenty Minute VC

Finance, Venturecapital, Tech News, News, Siliconvalley, Technology, Investing, Startups, Business

4.4 • 637 Ratings

🗓️ 12 January 2022

⏱️ 44 minutes

🔗️ Recording | iTunes | RSS

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Summary

Ralf Wenzel is the Founder & CEO @ JOKR, a global platform for instant retail delivery at a hyper-local scale serving both the US and LATAM. Ralf has raised over $260M for the company, most recently valuing it at $1.2BN. Prior to JOKR, Ralf spent 7 years as the Founder & CEO @ foodpanda, as well as, enjoying roles as Chief Strategy Officer @ Delivery Hero, Interim Chief Product and Experience Officer @ WeWork and even moving to the other side of the table as a Managing Partner with Softbank.

In Today’s Episode with Ralf Wenzel You Will Learn:

1.) What is the unit economic breakdown for quick commerce business models? What levers can be used to improve it over time?

2.) Comparing the US to LATAM:

What is the AOV (average order value) in the US vs LATAM?
What is the order frequency in the US vs LATAM?
How does labour cost vary when comparing LATAM to the US?
How does real estate cost for fulfilment centres differ when comparing LATAM to the US?
How do product margins on a per product basis differ when comparing US to LATAM?

3.) New Market Growth and Maturation:

What is the payback period for new markets? How has this changed over time?
How does the payback period reduce with every new market being opened?
What % of AOV is spent on marketing when a new market is opened? How does this marketing spend change over time?
In mature markets, how much new customer acquisition is organic vs paid?
What is the average weekly growth rate in new vs mature markets?

4.) Business Model Expansions:

How does Ralf and JOKR approach the potential for private label goods?
How does private label change the margin structure of the goods?
What have been their lessons from starting their first private label goods?
How does Ralf approach the ability to integrate advertising and paid search?
What is needed for paid search and advertising to be a meaningful part of the business?

Transcript

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0:00.0	Welcome back. This is the latest episode of 20VC The Memo with me, Harry Stebbings. Now, usually in
0:04.8	the memo we're joined by an investor who led a round in a company and they walk us through
0:08.3	their reasoning for leading the round. Today is slightly different. I feel there's so much confusion
0:12.7	around the business model of quick commerce in particular, how and when these businesses start
0:16.8	throwing off cash and being sustainable businesses. And so I'm thrilled to do a deep dive today
0:21.0	on this exact model with Joker and answer these questions. Hence, joining me in the hot seat today,
0:26.0	I'm so excited to welcome Ralph Wenzel, founder and CEO at Joker. Now, Ralph has raised over
0:30.5	$2 million for the company, most recently valuing it at $1.2 billion. And prior to Joker,
0:36.7	Ralph spent close to seven years as the founder and CEO at Food Panda,
0:39.9	as well as enjoying Rolls as Chief Strategy Officer at Delivery Hero, and even moving to the
0:43.8	other side of the table, as an investor and managing partner with SoftBank.
0:47.3	Stay was such a fun episode, there's a lot of data.
0:49.8	We go quite deep, but I really do so hope you enjoy it. But before we dive into the show's day,
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	...

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