LatAm List – Glovo, a Spanish on-demand delivery app, recently announced four market exits including Turkey, Egypt, Uruguay, and Puerto Rico. This measure is part of the company’s goal to push for profitability by 2021.
With these exits, Glovo will leave eight cities which will reduce its presence to 22 markets. These eight cities collectively generated 1.7% of Glovo’s gross sales in 2019, meaning that its revenue will not take a major hit. The app will continue to focus on South America, South West Europe, Eastern Europe, and Africa.
“This has been a very tough decision to take but our strategy has always been to focus on markets where we can grow and establish ourselves among the top two delivery players while providing a first-class user experience and value for our Glovers, customers, and partners,” commented Oscar Pierre, Glovo co-founder and CEO.
Glovo said that operations in the four markets will continue “for a few weeks” and that it will offer “support and advice to couriers, customers, and partners throughout this transition”.
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