Glovo, one of the world’s fastest-growing on-demand delivery players, has announced that it’s exiting from not one or two but four markets- Turkey, Egypt, Uruguay, and Puerto Rico in a bid to push for profitability.
The Spanish on-demand delivery startup will now focus on South America, South West Europe, and Eastern Europe and Africa. It’s worth mentioning that the company secured €150million last year December in Series E funding led by Mubadala.
Glovo, co-founder and CEO, Oscar Pierre, said:
“This has been a very tough decision to take, but our strategy has always been to focus on markets where we can grow and establish ourselves among the top two delivery players while providing a first-class user experience and value for our Glovers, customers, and partners.”
The Glovo app will continue to work for the next few days in the four markets post this announcement.
Pierre added:
Leaving these four markets will help us to further strengthen our leadership position in South West and Eastern Europe, LatAm and other African markets, and reach our profitability targets by early 2021. I want to place on record our thanks to all of our Glovers, customers, and partners in the markets from which we’re withdrawing for their hard work, dedication, commitment, and ongoing support.
The Barcelona-based startup — which delivers everything from food to groceries and pharmaceutical items — has consolidated its position within its markets, which include Europe, Latin America, and Africa. It’s among the top two delivery players in 24 of the 26 countries in which it operates and has cemented itself as a global leader in the on-demand delivery sector.
The company currently operates seven dark stores in Europe and Latin America — with locations in Barcelona, Madrid, Buenos Aires, and Lima — and plans to open 100 by 2021.
Main image credits: Glovo
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