In a recent development, Glovo, the fastest growing delivery player in Europe has shut down its operation in Egypt due to financial setbacks. According to Menabytes, the news first surfaced on social media after Glovo’s delivery partners received a message informing them about the decision. The startup had its services available in Cairo and Alexandria.
Glovo shuts down in Egypt!
Barcelona-headquartered on-demand delivery startup informed all their employees about the shut-down a few days ago it seems. However, as per local labour law, each and every employee have been compensated and will continue to work for Glovo for some more days until the wrap-up. According to industry experts, Glovo couldn’t stand against the recent merger of Uber and Careem. Moreover, both Uber and Careem drivers are likely to generate more revenues since they’ve introduced motorbike as an riding option.