Globo doubles its revenue to 360 million by 2020 and cuts its losses by almost 80%
Glovo, a Spanish start-up that now operates in more than 870 cities in 23 countries around the world and whose revenues doubled in fiscal 2020, said today it set out an investment plan last year that focused on three strategic areas: International expansion, new business units and attracting technical talents. The company has a total turnover of 360 million euros, compared with 128 million euros in 2019.
The multinational's assets have been adjusting its Spanish business model since August last year to 390 million euros, double the 192 million euros in 2019. The combined results of the exercise have ended, with a loss of 51.4 million euros, far lower than the 238.5 million euros of the exercise in 2019. That figure is down by almost 80%, considering that its Latin American business was sold to Delivery Heroes for 230 million euros in September 2020.
Glovo has also greatly improved its operating profit margin. Ensuring its operating earnings in most markets, such as Spain and Italy, has generated positive global operating margins since mid-2020.
In terms of international expansion, Glovo launched more than 400 new cities and 3 countries worldwide in 2020. "As a result of this investment and consolidation policy, Glovo has become a market leader in 14 of the 23 countries in which it operates," the company said. Spain currently operates in nearly 400 cities.
The company maintains its headquarters and financial center in Barcelona, reaching 934 new employees in 2020 and 1,221 employees at the overall level, and the staff cost increased by 8.5% to 94.53 million euros. In 2019. There are currently 2,657 employees. The startup announced last July that it would hire 2,000 Spanish dealers by the end of this year to adapt its operations to new riding techniques.
Ask for Social Security of 11 million
In Spain, the company closed in 2020 with revenues of $140.5 million, compared with $103.6 million in 2019 and a loss of $50.6 million, well below last year's $124 million. Glovo, que pagó en el país unos impuestos sobre beneficios de tres millones, asegura en las cuentas presentadas en el Registro Mercantil que ha reclamado la devolución de 11 de los 21 millones cobrados por la Tesorería General en diciembre de 2020 al entender que hay “errores al alza”. The company also explained that the tax office was investigating VAT declared between 2016 and 2019.
The startup recalls investing heavily in its last fast business campaign, a new business unit with its own warehouse in the city that serves the Glovo Express convenience store, an online supermarket open seven days a week with ultra-fast delivery times and no minimal purchases.
The activity was accelerated last April when the company secured € 450 m in an operation led by the US Highway Capital and Luxury Capital Group. His target, as his co-founder and blind man explained, was Pierre.
Since August last year, the company has faced protests from self-employed dealers because they believe their revenues have diminished as the company's algorithm changes to comply with riders' laws. Dealers working for Barcelona's Glovo supermarket also went on strike to condemn the instability of the platform economy.
Glovo recalls a 2020 study of the socio-economic impact of the activities carried out by Crowe, which concluded that the group indirectly contributed to the creation of some 26,918 jobs. It is estimated that the Glovo ecosystem has produced an economic impact of 2,252.2 million euros.
Agree c& One
In addition to the economic performance, the delivery company also signed an agreement& In a bid to extend ultrafast delivery to Spanish and Portuguese fashion in less than 30 minutes, the textile company announced today.
Through this groundbreaking agreement, Glovo users can buy and receive products from clothing companies in selected cities anytime and anywhere within 30 minutes.
C's stores& Glovo will offer services in 13 cities, from 16 stores, 10 of which are in Spain: C& One killed parc (killed), c& Brave Murillo (Madrid), C& To the courtyard (Malaga), c& A Nuevo Centro (Valencia), C& Plaza joan carles i (Majorca palm trees), c& A pelayo (Barcelona), c& A park (legan é s), c& A blue island (Madrid), c& Independence Avenue (Zaragoza), c& According to Europa Press, Tetuan (Seville) and six other Portuguese speakers.
In 500 references& A Fashion and accessories for women, children and men, such as T-shirts, cardigans, trousers, tights, sweaters, denim, polo, Bermuda, pajamas, underwear; And children and others can be combined with body or multiple packs.
The alliance enables Glovo to continue to expand its multi-category products. After its success in home food, the company wants users to find everything they want on its platform.
Diego Nouet, general manager of Iberia Glovo, stressed that the alliance is a "milestone" for the company. "Right now we're bringing super-fast delivery to the fashion world. We are used to buying almost any product on the internet, but we also want to be able to choose to buy it and receive it within minutes, "he said.
"Fashion is also a priority for many people, which is why we have to pay attention to it. Glovo is a company that shares with us, and its goal is to always seek quick and easy shopping experience choices, "explained the general manager of cc.& For Spain and Portugal, Sunday is esteves.
This new Glovo agreement is part of q-commerce growth and innovation, promoting alliances with retail, distribution, food and local store chains to provide customers with a full range of multi-category products, such as supermarket products, electronics, toys, beauty, fashion and more.
