LatAm List – Spanish last-mile delivery service, Glovo, announced that it would leave the Chilean market at the end of April just four days before the month ended. The startup originally arrived in Chile in 2017, just eight months before Colombian competitor, Rappi.
Glovo, which is operated by Cabify parent company Maxi Mobility, explained that it would leave Chile because it was not able to secure a strong hold on the local market. Glovo’s direct competitors include Rappi, Cornershop, and UberEats, all of which are active in Chile.
This announcement came just days before Glovo confirmed the close of a $169M Series D round led by Lakestar and Drake Ventures.
Glovo suffered over $100M in losses over the past year as the company pushed for rapid international expansion.
Read more in La Tercera.
