Delivery Hero now owns 83% of Glovo’s capital, a Spanish home meal delivery application. An acquisition that values Glovo at 2.3 billion euros.
Delivery Hero holds 83.2% of Glovo’s capital
The German group Delivery Hero already held 43.8% of Glovo’s capital. With this new buyback of 39.4% of Glovo’s shares, formalized on December 31, 2021, the company becomes a majority stakeholder, precisely holding 83.2% of Glovo’s capital. With growth of 80% in 2021 and a turnover of 800 million euros, the Spanish delivery company is in great shape.
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Glovo has already settled in more than 1,300 cities in Europe, but also in Central Asia and Africa. The company currently has 15 million active users per year and 70,000 deliverers who deliver to all of these 1,300 cities. In April 2021, Glovo had already raised 450 million euros to accelerate the development of its “Dark stores”. It is the biggest fundraiser for a Spanish start-up.
The food delivery industry is on the rise
Since the start of the pandemic and the repeated lockdowns, the home meal delivery sector has been in turmoil across the world. It is besides one of the few sectors to have experienced an explosion in its turnover thanks to the Covid-19 pandemic. The actors are more and more numerous and more and more influential. This is the case of Deliveroo, bought just after the start of the pandemic by Amazon. But also Gorillas in Germany, Everli in Italy, Getir in Turkey and Grab in South-East Asia, a company recently listed on Wall Street …
With Delivery Hero, Glovo will go even faster. Indeed, the German group has a very interesting strike force for the Spanish start-up. Delivery Hero is a food delivery platform present in 50 countries in Asia, Europe, Latin America, the Middle East and North Africa. According to a spokesperson for the group, “The two companies are united by a common vision and a common passion for multi-category delivery and lightning-fast commerce”.
Led by its founder Oscar Pierre, the Glovo company has a lot of ambition. He says he is happy to have found a partner who “Corresponds to the ambition and the culture of the company”. Glovo will keep its brand and the current management team will continue to practice. Delivery Hero does not want to stop this good dynamic and therefore decides not to change anything for the moment. The two co-founders, Oscar Pierre and Sasha Michaud, keep the helm.