Spanish “Glovo” buys Ukrainian food delivery service “”

by Meifan Honcharuk
Tuesday, November 30, 2021
Spanish “Glovo” buys Ukrainian food delivery service “”

The transaction amount can range from $60 million to $80 million

The Spanish unicorn Glovo is preparing to purchase the Ukrainian food delivery service is a Ukrainian company that delivers groceries from supermarkets, which operates in eight cities of Ukraine and Chisinau (Moldova). In 2010 it was founded by IT entrepreneur Egor Anchishkin. Customers can place an order on the application/website so that products can be collected on the trading floor of the store and delivered to their homes or office. Online ordering works 27/7.

Details of the deal

The parties have not yet commented on the deal. But the cost of the transaction can be calculated based on the revenue of, which, according to the company's plans, should amount to $128 million in 2021. As a rule, such companies can be bought for 0.5-1 revenue.

Last year, attracted €5 million in investments. At that time, the company's valuation was around $40 million.

Benefits from buying continues to be a business that requires additional investment. 

Nevertheless, for Glovo, the purchase of is a chance to strengthen and quickly scale its business. The company is developing delivery in Ukraine and has also begun to open dark stores. Now Glovo takes the leading position in delivery from restaurants, while, according to their assurances, is the leader in the supermarkets' delivery. The deal will help Glovo accumulate all the strengths within a single brand. Also, the purchasing will allow Glovo to quickly get a company that will deliver goods, not from investing-in-ukraine/service-for-investors/warehouses/" rel="dofollow">warehouses, of which hundreds are needed for large cities, but from existing supermarkets.

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