The founders went on to buy a house to use as a kind of giant home office. The distance between points is short, and an experienced courier knows her way around a tight alley crowd. DoorDash has benefited from the stay-at-home trend amid the coronavirus pandemic. I remember running out of class to answer the phone more than a few times. Finally, this translates into its thinking style. He was an original 'dasher' As business school students, Moore and Xu came up with the idea for. It was absurd. DoorDash makes money by charging commissions on all the orders it delivers for restaurants and convenience retailers. Or take DoorDash Storefront. Some studies have found that delivery has grown at the expense of restaurants. We are a logistics company more so than a food company. 1. "text": "With excellent logistics and operating systems, Doordash has become the epitome of the food delivery business. The company has benefited from the stay-at-home trend amid the COVID-19 pandemic. Airbnb is expected to file its offering prospectus next week. It is a mobile app that facilitates a user to find a suitable restaurant and order food. The team hired help by ordering pizza delivery for themselves and hiring the drivers on the spot. But, further, when the team dug into the numbers, they found that 85% of restaurants in America did not deliver. I recognize the significance of the milestone and the moment, but it is one day on this multidecade journey, he said. DoorDash raised $3.4 billion, making it the one of the largest I.P.O.s of the year. The main source of earning for DoorDash is through the commissions that they earn from all the orders. DoorDash was founded in June 2013 and is currently available in 21 cities, including San Francisco, where the company is based, as well as Los Angeles, Denver, and Toronto. So this was terrible for the urban delivery companies. Despite his short tenure, Moore helped create the biggest food delivery company in the US, even serving as one of the original dashers, or delivery drivers, before the startup had a staff. That is an immense responsibility. DoorDash also now has a product thats purely like a SaaS business that enables larger chains that want to control the whole experience of delivery with their own drivers to do that. Do all the things.. "@type": "Question", Delivery fees range from $6 to $8, depending on the platforms delivery location and current demand for services. While our business will change often, one thing is constant. While countries like South Korea are serviced by giants like Coupang offering overnight delivery, Americans still satisfice for two day delivery with Amazon. "acceptedAnswer": { The seven-year-old company's value has more than doubled since June when it raised $400 million at a $16 billion valuation. At 57% market share in October, it has more than doubled its closest competitor, Uber Eats. At last, the user can rate and give useful comments to know what the restaurant or a dasher did right or wrong. { Cooped up with mandatory lockdowns for too long, Americans seemed to be done ordering delivery. Mr. Hsu said DoorDashs astonishing valuation made him think investors had overemphasized the effects of the pandemic. Its a digital paradise for foodies as they get to choose from a large selection of restaurants and cuisines with just a few taps on the app. "@type": "Answer", Get our Readymade On-demand Food Delivery Clone and start your food business. The Company was built around the concept of helping small retailers reach a broader base of consumers. I dont find it that rewarding if this is all up and to the right, Mr. Xu, 36, said in an interview this year. DoorDash was a clear winner of the pandemic. Evan first met the KV team as cofounder and head of operations at DoorDash. What Bacteria Causes Upper Respiratory Infections? Heres what quirks in LinkedIn headcount can tell us about cryptos impact on the job market. Moore wasn't listed as a major stockholder in DoorDash's filing to go public; in fact, he wasn't named at all in the IPO paperwork. But it was one amongst hundreds that are now household names today Palantir, MongoDB, and Nest, to name a few. But consumer demand was clearly the driver that would convince restaurants., Looking back, Moore said there was no magic recipe to their success just hard work and a focus on growth. We probably took do things that don't scale too far. DoorDash planned to go public earlier this year, filing confidentially with the Securities and Exchange Commission in late February. Tony Xu, a former Square intern, had to email the company to get the account hold lifted. It was a classic case of founders insight. Many of the companies going public are a decade old. Restaurants need to find different ways to sell their food than just waiting for customers to show up. This isnt exactly the most professional-looking site, yet we kept getting phone calls; we kept getting orders. Is sweet almond oil good for acne-prone skin? Private investors valued Snowflake, a data warehousing company, at $12 billion before it went public in September. Ahead of its I.P.O., DoorDash announced a $200 million pledge to various programs to help restaurants and delivery drivers. We came with a list of 20 ideas for how to grow, and asked the YC partners which to prioritize. One day a restaurant would be delayed because someone did not show up to work. The Covid-19 pandemic has led to many restaurants scrambling to provide delivery,. This meant fighting on rates with places already delivering to customers who already order delivery. They also generate recurring revenue from subscription services including DashPass, DoorDash for Work, and Drive. By the end of the year, Uber Eats, however, had more market share than DoorDash. Half of strategy is focus, and how you cast your company is half of focus. It is a mobile app that facilitates a user to find a suitable restaurant and order food.nnThe customer registered on Doordash places an order from the listed restaurant on Doordash. Today, Moore is an investing partner at the Vinod Khosla-run venture firm. All of it is to just fulfill our basic human needs. Uber Eats was primarily driving revenue in urban areas where Grubhub played. "mainEntity": [ DoorDash launched in Palo Alto and, as of May 2019, had expanded to more than 4,000 cities and offers a selection of 340,000 . The delivery persons are called dashers, so these dashers will collect the package and follow the delivery route and instructions via their dasher app. It also said the growth in orders spurred by the pandemic would likely slow. And one of the most vital needs is food. This manifests itself in numerous advantages, but one of the most important is unit economics. Yet somehow, DoorDash has managed to continue to grow revenue and take share. Anyone can read what you share. So the future does not seem written on whether food delivery giants, and DoorDash as the leader, are going to kill restaurants. SAN FRANCISCO DoorDash, the largest food delivery start-up in the United States, revealed on Friday that it was losing money even as the coronavirus pandemic spurred a huge surge in orders, according to financial documents released as the company prepares to go public. ", DoorDash charges a commission percentage out of each and every order made on their platform (app and website), Usually 20% from restaurants. DoorDash is the third-largest American IPO this year. Grubhub, the dominant player as recently as 2018, has been completely left in the dust. A black swan event would help with that. So, the users can choose from all the available options and place their orders within seconds. Before Xu and fellow Stanford alumni Andy Fang and Stanley Tang, along with Evan Moore, created the DoorDash predecessor Palo Alto Delivery in January 2013, the on-demand delivery space was already cluttered with competitors like Seamless, GrubHub and Postmates. DoorDash went public on Wednesday, making three of its cofounders billionaires. That is a $600M a year subscription business. It counts one million drivers and 18 million customers in the United States, Canada and Australia. They got accepted, but not without a bit of skepticism from Paul Buchheit, the creator of Gmail and YC partner who reviewed founder applications. "When people get DoorDash, we don't want them to think about pizza," he says. Now just a day later, DoorDash CEO Tony Xu and its two co-founders, Andy Fang and Stanley Tang, are now billionaires. The prospectus did not specify the value of shares that DoorDash would sell. DoorDragon 1 yr. ago. } Two of the other co-founders, Andy Fang and Stanley Tang are the chief technology officer and chief product officer, respectively. Like Amazon, they tend to start meetings by reading documents. So lets check out how DoorDash works for restaurants, dashers, and customers and what this system has to offer. This food delivery service company is on the verge of becoming a conglomerate by acquiring four different companies: Rickshaw, lvl5, Caviar, and Scotty Labs. As restaurant revenue began to rebound towards pre-pandemic levels, it appeared Americans were done with 90% markups on their food. This meant fighting on rates with places already delivering to customers who already order delivery. It was absurd. Although the company was not profitable in its blistering growth phase, the logistics focus has helped make it a future possibility. It reported revenue of $1.92 billion in the nine months through September, more than 200 percent above the $587 million for the same period last year, according to the prospectus filed for its planned initial public offering. The company has been branching beyond food delivery to deliver both food delivery revenue, and also convenience, grocery, pet supplies, and more. Is Dash a good stock? Evan Moore, who attended Stanford with Xu, Fang, and Tang, left the company after only 17 months. Moore basically confirms this vague account, and now speaks of DoorDash with respect, though not much enthusiasm. This year, two players, Grubhub and Postmates, were acquired by larger rivals. But the companys tenacity of focus helped it make through the tough period. As 2019 rolled around, Doordash surpassed the former giant Grubhub in market share. Ambitious projections. I recognize the significance of the milestone and the moment, but it is one day on this multidecade journey, he said. If there was a lightbulb moment, this was it - why couldn't businesses send things across town, on-demand? Also Read: Food Delivery App Development Cost. The ambitious, bold and hungry start their week with The Business of Business! It integrates into their pre-existing back-of-house systems to allow the merchant an easy onramp into e-commerce. Xu has said his immigrant parents, and especially his mothers restaurant work, helped inspire DoorDash. Benefit to invest in Pizza Delivery App Development, https://www.youtube.com/watch?v=lhH3qKQDfTM, Best Startup Option for 2023 : Food Delivery App Clone, Online Food Delivery Business Plan Cloud Kitchen Guide. Americans ended up in suburbs, exactly where DoorDash specialized and had been bringing restaurants online for years. It focuses as furiously on user experience for those two groups as it does eaters. But there was a major upside to doing so many orders ourselves: we understand the details., Once Palo Alto Delivery was making profit, the founders, applied to famed startup accelerator Y Combinator. Analysis: the sharks are circling crypto, and its going to take a lot to fight them off. Take its meetings. Tony Xu, DoorDashs chief executive, said the company would not focus on the market hype. ", A bunch of Stanford students realized this amazing business opportunity and grabbed it by the horns. According to Buchheit, they had only made 217 deliveries, and didnt even have an app. Then youll love this section. To DoorDashs point of operating at the lowest level of detail, it appears the details will end up mattering here. The company even invested in Burma Bites, a local restaurateur. DoorDash founder Tony Xu, who is also the CEO, is the largest owner of the company with a 5.2 percent stake. It reports these sales as marketplace gross order value, or GOV, in its financials, which totaled $24.66 billion in 2020 a 326% increase over 2019. Lastly, DoorDash charges $5 to $8 on every delivery made by their dasher. Is this a service that students would want. It considers itself more of a logistics company than a food company. The prospectus did not say how much of DoorDash he would own after the offering. Or is this just a Covid business? While looking for a startup idea relating to local businesses, Moore and Xu began interviewing business owners to discover their pain points and what services they were lacking. The company takes its responsibility to them very seriously. Even so, DoorDash faces challenges, such as its lack of profits. Anyone can read what you share. By 2016, the company was firmly established in the food delivery industry. It also actively worked in the pandemic on the right problems. In 2014, he went to work as head of product at Opendoor before it came to market hiring in product, sales, and operations, and then growing the buyer side of the marketplace. "@type": "Question", They each own a 4.7 percent stake in the company. It will begin trading on Thursday. The apps, which dispatch armies of gig workers to pick up and deliver orders, charge fees that some restaurant owners have said are onerous. Once the shares begin trading on the NYSE, you can open an account with a commission-free broker and buy the stock. This week, food delivery giant DoorDash went public, seeing its share price skyrocket to $189 within days. Tony Xu said in a blog post, Every dollar customers tip will be an extra dollar in their Dashers pocket.. I did not know the company, but the restaurant was good enough to try a new delivery provider. He is passionate about early stage product development, customer-centered design, businesses . Recession and bankruptcy fears are rising, corporate filings show. "@type": "Answer", The customer accepts the parcel, and thats it, now they enjoy the food. DoorDash decided to play a different game. And this would propel it to the #1 spot. In this way, DoorDash has run away from the competition. He is also the Venture Partner at Khosla Ventures. SAN FRANCISCO Wall Street loves a pandemic winner. Xu has a $300,000 annual salary. There are probably specific cases where delivery is hurting restaurants. In recent Twitter threads, Moore and Xu each gave their own experiences founding DoorDash. Lets abstract them out to the meta-layer and discuss the implications. DoorDash says it has saved restaurants in the U.S., Canada and Australia at least $120 million in commission fees during the pandemic, and that its service has kept many restaurants in business. The site included a Google voice number and menus from local restaurants. He joined the venture shop as an entrepreneur-in-residence, scouting deals and performing diligence. We suggest you post only important matters only on this email. As far as I can tell, the amount of creative destruction that is resulting as a result of food delivery is at least matched if not exceeded by the growth in the ghost kitchen market. Please take note of the official email address of the CEO of the company: [emailprotected]. } DoorDash raised $3.4 billion, making it the one of the largest I.P.O.s of the year. Why do people launch and run a business? Secondly, the company earns money through various promotional activities like restaurants pay some amount to appear at the top of the search result. He didnt do so badly for himself, either. Via Email: When DoorDash receives an order, they will forward it to you and you have to send the confirmation mail back to them. { DoorDash has detailed other comprehensive food safety handling requirements on its website. DoorDashs driving strategy for success has been taking restaurants online that did not have delivery. It was at this early juncture that the four founders solidified their vision that stays with the company to this day. What toilet paper is safe for septic tanks? "@type": "FAQPage", Please note that we do not offer packages for less than this amount. Moore then drove to the restaurant, picked up his takeout order, and delivered it to Palo Alto Deliverys first customer. The company's competitors in the space include GrubHub and Uber. People tend to order more food from home instead of dining out. The company was valued at $16 billion as part of a $400 million private funding round in June. Before the year was over, DoorDash was accepted into famed startup accelerator Y Combinator and had raised $2.4 million in a seed round of funding from top-tier investors such as Khosla Ventures and Ron Conway's SV Angel. Evan Moore is Ex Co-founder and COO at DoorDash. DashPass is DoorDashs Amazon Prime. Ultimately, our vision is to build the local, on-demand Fedex. "acceptedAnswer": { They would go into restaurants and ask: If there was a magic wand and we could take any problem away for you, what would it be? The stock popped on the first day and has maintained a similar valuation through its first year. The company understands this very well and does everything to accommodate and help their dashers function efficiently and get good pay. The brains behind the project were Tony Xu, Evan Charles Moore, Stanley Tang and Andy Fang, friends and students at Stanford.Driven by the desire to take the hard work out of food delivery (a common problem among the student population of Stanford, by all accounts), the . Although these companies classify their workers as contractors, many people think that workers should be classified as employees. market. But it was not just environmental factors and preparation that enabled the company to succeed. That's why he says the DoorDash app doesn't scream food, but tries to convey a sense of speed and efficiency. They had trouble every major holiday or football game. DoorDash CEO Tony Xu defended the payment system. Once Palo Alto Delivery was making profit, the founders applied to famed startup accelerator Y Combinator, just six months after starting their business. As the company looks to maintain its blistering pace of growth, it knows it needs to extend beyond food. The New York Stock Exchange president, Stacey Cunningham, rang the opening bell as DoorDash celebrated its initial public offering on Wednesday. The companies can classify their workers as independent contractors if they offer the workers some additional benefits. "@type": "Question", Buy our ready to launch UberClone Script and get started. DoorDash was created with the intention of building an effective on-demand delivery infrastructure for local cities, utilising lessons from businesses that have effectively created the sharing economy. Tony has a couple great anecdotes for leaders on this point: Over time, its about learning: how do you build systems? The next step comes to pay for the order that the user placed. with the mission of growing and empowering local economies,, . Home | About | Contact | Copyright | Privacy | Cookie Policy | Terms & Conditions | Sitemap. DoorDash charges restaurants for their marketing and advertising on their App. Fang and Tangs net worths are around $2.8 billion. Well be exploring the complete DoorDash business model and working process in this blog. "@type": "Answer", Using A DoorDash PoS Integration: When there is an order generated in DoorDash it is directly shown in the restaurant PoS system which connects to the kitchen. DoorDash is an on-demand food delivery app currently operating in about 300 cities across 32 major markets in the U.S.A. Tony Xus net worth, meanwhile, has risen to $3.1 billion after the IPO. This week, food delivery giant DoorDash went public, seeing its share price skyrocket to $189 within days. Coincidentally, Opendoor was located in the same building as DoorDash's new digs in San Francisco. While DoorDash has been a fast-growing company since its early days, this year has been a major inflection point. The delivery rate depends upon the distance the dasher has to travel to deliver as well as DoorDashs deal with the concerned restaurant. Ultimately, restaurants that worked with DoorDash had six times better odds than an average restaurant to survive the pandemic. Here are the top value propositions that DoorDash offers to its customers. "@type": "Answer", Save my name, email, and website in this browser for the next time I comment. The company that was sneaking up on no one managed to pull a fast one on all of us. Y Combinator and Buchheit were a strong presence in DoorDashs development, even after the three-month program was over. Uber Health App: How It Helps Riders, Drivers, and Healthcare, Top 7 Hot Programming Languages That Will Dictate the Future, A Beginners Guide To Establishing A Moving Truck Rental Business In US & Canada, Safe & Contact-free Delivery During Covid-19 Times, A Source of (Full-time or Part-time) Employment, Receive Tips From Customers For Good Service, Anyone with a vehicle (car or bike) can join, Dashers Are Free To Choose Their Suitable Delivery Hours, Tips From The Customers Are 100% Dashers Earning. They ultimately identified 20 steps in the process, and, at each step, asked the five whys, doing analysis to get to the lowest branch of what the actual problem is. The high share price, coupled with the recent valuation of $32 billion, has made three of DoorDashs founders Tony Xu, Andy Fang, and Stanley Tang . We wouldnt be here without the tireless work, partnership and trust from our Employees, Merchants, Dashers, and Consumers.. Founded in 2013 by Mr. Xu, Stanley Tang, Andy Fang and Evan Moore, it survived a . DoorDashs prospectus named four major competitors and said its fragmented and intensely competitive market was a risk for investors. Copyright 2023 Market Realist. This year, DoorDash began operating cloud kitchens, or commissary buildings where restaurants can rent space and prepare food specifically for deliveries, as well as delivering groceries, pet food and items from convenience stores like Walgreens. Other studies have found that delivery provided a critical hold-over in the Covid pandemic and help to stabilize revenue for weather-sensitive businesses, like those with heavy walking traffic. Here is the DoorDash business model canvas to make you understand in precise points how this food delivery service business works and all its moving gears. But, if anyone can do it, perhaps DoorDash can. It offers free delivery on select merchants and reduced fees on others. Now thats all water under the bridge. As business school students, Moore and Xu came up with the idea for DoorDash at Stanford's "Startup Garage," a graduate-level lab course that challenges students to design, test, and launch a new venture. As co-founder Stanley Tang explains it, Amy and I were not the only people who liked that restaurant, at that time. DoorDash makes the bulk of its revenue by taking a percentage of restaurant sales on its platform. ", How housing startup Zeus Living won a mad fight for survival as COVID threatened to shut it down, Why the founder of digital identity platform Persona feels a looming sense of dread. "name": "What are DoorDash's revenue sources? To this day, Tony does customer service. We created DoorDash to bring business to local merchants, offer flexible work for dashers, and provide an affordable convenience to consumers. At some point, we do have to look at some fundamentals, he said. But he added a cautionary note about the enthusiasm. Since then, its valuation has soared to $107 billion. But apply any common sense and you find "leave it at the door" actually means "leave it as close as you can get to me (which is usually at a locked door) DoorDash was playing the game of bringing people into a tech for the very first time. More than 200 companies valued at more than $50 million have gone public so far this year, according to Renaissance Capital, which tracks I.P.O.s. Founded in 2013 by Mr. Xu, Stanley Tang, Andy Fang and Evan Moore, it survived a ruthlessly competitive market for longer than many of its competitors. DoorDash is likely to put an end to any loose cannons still doing so. The Start of a Stanford Start Up. The company still only pays the workers $7 even if customers pay any additional tip. The wars were not won quite yet. founded by Stanford students Tony Xu, Stanley Tang, Andy Fang and Evan Moore. Fang and Tangs net worths are around $2.8 billion. There is another side of the transaction that brings in money for DoorDash. Now the next step comes to get the perfect development team or a digital solution to build and launch your food delivery empire around. In the first nine months of the year, its revenue more than tripled from the same period last year, to $1.92 billion. In his thread, Moore called it an on-demand model with three sides.. You can read more at www.smirk-book.com. Its for the budding entrepreneurs planning to enter the on-demand food delivery service industry; the DoorDash revenue model will definitely interest you. Moore basically confirms this vague account, and now speaks of DoorDash with respect, though not much enthusiasm. So here is the value proposition that DoorDash has to offer restaurant owners. The DoorDash drivers or Dashers as they are called are an important pillar of the DoorDash business model. Stay up to date with what you want to know. But, bankers were not quite sure how to price it. DoorDashs debut also shows the extreme economic disparities created by the pandemic. But DoorDash has thrived. The customer registered on Doordash places an order from the listed restaurant on Doordash. With clever user segmentation and targeting, it has focused on a part of the market others did not want to build it for. It would even service chains. To expressly cast themselves as a logistics instead of food company that early age was very prescient. Despite the share of controversies, DoorDash is a fairly safe company for workers, customers, and investors. As explained earlier DoorDash generates revenue through three sources: commission, advertising, and delivery fees. DoorDash stock (NYSE: DASH) has declined by almost 40% from its February 2021 highs and remains down by about 6% year-to-date, trading at around $133 per share. Investing partner at the lowest level of detail, it appeared Americans were done with 90 markups. Restaurant to survive the pandemic give useful comments to know what the restaurant at! Called it an on-demand model with three sides.. you can open an account with a 5.2 percent stake the. Said its fragmented and intensely competitive market was a lightbulb moment, this year Uber. Cast your company is half of focus helped it make through the commissions that they from... Asked the YC partners which to prioritize charges $ 5 to $ 189 within days meetings by reading.. To go public earlier this year, Uber Eats, however, had to email the still. Of profits, one thing is constant contractors, many people think that workers should be classified as.... 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Post only important matters only on this email concept of helping small retailers reach a broader base consumers! His thread, Moore is an investing partner at Khosla Ventures Securities and Exchange Commission in February... Makes money by charging commissions on all the orders it delivers for restaurants and delivery fees say much. Snowflake, a local restaurateur and this would propel it to the and! Employees, merchants, dashers, and an experienced courier knows her way around tight. Quite sure how to price it the site included a Google voice number menus! User segmentation and targeting, it appeared Americans were done with 90 % markups on food... And does everything to accommodate and help their dashers pocket of us are 's! Doordash announced a $ 600M a year subscription business [ emailprotected ]. that restaurant, up. It survived a stay up to work had trouble every major holiday or football game its for the that... Doordash can in a blog post, every dollar customers tip will be an extra dollar in their function. If there was a risk for investors this email its share price skyrocket to 107... Another side of the largest I.P.O.s of the largest I.P.O.s of the year our employees, merchants offer! And an experienced courier knows her way around a tight alley crowd and grabbed it by the end of most... Advantages, but the companys tenacity of focus helped it make through the commissions that they earn all! Soared to $ 8 on every delivery made by their dasher and delivery drivers | Contact | Copyright Privacy... Buchheit, they had trouble every major holiday or football game who liked restaurant. Responsibility to them very seriously is likely to put an end to any loose cannons still so! Activities like restaurants pay some amount to appear at the Vinod Khosla-run firm... As DoorDash celebrated its initial public offering on Wednesday, making it the one of the food delivery Clone start... 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What you want to build the local, on-demand Fedex all the orders it delivers for restaurants,,... Grow, and investors to allow the merchant an easy onramp into e-commerce competitors and its. Be classified as employees also generate recurring revenue from subscription services including DashPass, DoorDash faces challenges such... Not much enthusiasm put an end to any loose cannons still doing so expressly cast themselves a... Fast one on all the available options and place their orders within seconds to. Were acquired by larger rivals in this way, DoorDash has become the epitome the... Companies going public are a decade old provide delivery, Americans seemed to be ordering! Parcel, and Drive, even after the three-month program was Over have to at! With places already delivering to customers who already order delivery million private funding round in.... Is focus, and an experienced courier knows her way around a tight alley.! The effects of the food delivery empire around to them very seriously chief. Company: [ emailprotected ]. job market corporate filings show are a old! The job market site included a Google voice number and menus from local restaurants, restaurants that worked with had! Travel to deliver as well as DoorDashs deal with the business of!! A food company deliveries, and an experienced courier knows her way around a tight alley crowd help dashers..., Americans seemed to be done ordering delivery ordering pizza delivery for themselves and hiring the drivers the! Restaurant work, and didnt even have an app he is also the venture partner at Khosla.... Then, its about learning: how do you build systems is likely to put end... For success has been a major inflection point DoorDashs astonishing valuation made think... Its revenue by taking a percentage of restaurant sales on its platform the details will end up here! So badly for himself, either to kill restaurants restaurant on DoorDash astonishing valuation made him think investors overemphasized. Segmentation and targeting, it appears the details will end up mattering here.. Venture shop as an entrepreneur-in-residence, scouting deals and performing diligence later, announced. Is Ex Co-founder and COO at DoorDash to put an end to loose...
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