The cash burn and massive operating expenses growing faster than sales can be explained by the fact that
Deliveroo operates in a winner-takes-all market.
It already quit the German (high GDP 
) market because of Takeaway-Just Eat and Uber(Eats) decided not to invest into Deliveroo last year.
Uber left Southeast-Asia after being outspent/outgrown by a local 
Grab (but in return it got a nice 
% in Grab).
Plus…
Deliveroo 
has so much competition in Asia:
- Major ones: FoodPanda, GrabFood and Go-Food.
GrabFood and Go-Food are part of GRAB and GoJek with very deep pockets and large backers. Also, they are do “Uber” in Southeast-Asia.
Forget bicycles, those streets are full of scooters and bike delivery people.
- Also: Grain, Dahmakan.
