Glovo’s first year in Romania ends with RON 7 million loss

Anca Alexe 22/05/2019 | 08:46

Spanish delivery startup Glovo, which entered the Romanian market in April 2018, reported a turnover of RON 1.3 million for the first year, together with a loss of over RON 7 million, according to profit.ro.

Revenues reached RON 1.49 million, while expenditures went up to RON 8.49 million. The company has already accumulated debt of almost RON 8 million.

Glovo was founded in 2015 by Oscar Pierre and Sacha Michaud and offers a “shop on your behalf” app that lets users order almost anything, including food, groceries or pharmaceuticals. It operates in more than 120 cities across 21 countries, and has more than 35,000 couriers active on the platform.

In March 2019, Glovo raised EUR 150 million in the latest of a total of seven funding rounds that brought the company EUR 310 million, according to Crunchbase.

Recently, Glovo has expanded to Timisoara, its third city in Romania.

 

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