Sales of the top 10 online retailers in Bulgaria have grown by nearly 27% in just one year. In 2023, their total turnover exceeded half a billion. The number of people shopping online is growing steadily and by 2024 it will already be over 2.7 billion people, or 2.7% more than a year earlier, according to eMarketer. Over the past four years, the annual increase in the volume of internet sales in the country has increased by 20% and by 2024 their volume will already exceed the 2 billion euro mark, according to data from the sectoral Bulgarian E-Commerce Association (BEA). Since the pandemic year of 2020, the market has grown more than twice - then its volume was estimated at 0.97 billion euro, and by 2024 the expected value is already 2.34 billion euro. Thus, the sector already forms 2.34% of the country's GDP. Of the companies registered in Bulgaria, the company with the largest turnover in 2023 is "Ozone Entertainment" (ozone.bg), which sells video games, books, puzzles, gaming peripherals, board games, electronics, toys, baby goods, etc. In recent years, the company has expanded its portfolio with a number of acquisitions - the Pulsar video game chain, the Baby.bg baby products site, the Photo Pavillion photo equipment store, the BG Textbook bookstore, the Artline publishing house, etc. It has also doubled its warehouse space in Elin Pelin. As a result, in 2023, consolidated revenues continue to grow steadily - by 34% (after a jump of almost 73% a year earlier) to BGN 170 million. However, the expansion is also associated with growing costs, which reduces profit to under BGN 1 million for 2023. The second-place seller of second-hand clothes, Remix Global, has recorded a third consecutive year of losses. The company operates in nine countries in Central and Eastern Europe. Revenues grew from 38% in 2022 to 27% in 2023. In nominal terms, sales for the last reported financial year were BGN 114 million, with BGN 43 million coming from the Bulgarian market. In 2021, the company was bought by California-based thredUP - one of the largest online platforms for reselling clothes and accessories in the world. At the end of 2024, managers bought back the majority stake (91%) of the shares. The price was symbolic (BGN 1), apparently in exchange for assuming debts. For the third in the ranking - "Convenience" is behind the online supermarket eBag, initially partnering with the chain "Fantastico", but since 2018 it has separated and operates independently, opening its own logistics base and constantly increasing its product portfolio. Geographic coverage is also expanding - initially deliveries were only in Sofia, and to date they have also been covered in Plovdiv, Asenovgrad, Pazardzhik, Pernik, Bansko and Blagoevgrad. In 2023, sales jump by 36.45% to 68.6 million leva. The company's founder Ivan Alexandrov predicts that in 2024, revenues will exceed 100 million leva. Another top 10 retailer operates in the food segment - the Glovo delivery app, which operates on the local market through the company "Glovoapp Bulgaria" (5). The company is part of the Spanish Glovo group, which in 2021 bought the business of its competitor Foodpanda ("Delivery Hero") in Bulgaria and Romania. Initially, the focus of the company founded in Barcelona was on the delivery of ready-made food from restaurants, but later the portfolio expanded to include food from supermarkets, medicines and even flowers. On the Bulgarian market, Glovo delivers from both large chains such as "Billa", "Kaufland", Starbucks, Hesburger, "Nechuveshki Magazin", and small local businesses. In 2023, sales reached 31.6 million leva, increasing by 40.6% - which is the highest growth in the top 10. For the last reported year, orders for over 100 million leva were placed through the company. With sales of 38 million leva in 2023 is the online store for retail trade in garden, agricultural and other equipment "BG mashini" (4). The company is behind the website OnlineMashini.bg, which was created just over 10 years ago, and the sole owner Svilen Kostov expects the reported growth of over 30% for the year to be repeated in the results for 2024. The platform sells a variety of items - from screwdrivers to tractor mowers, distributed in 28 main product categories, which cover professional equipment, everything for the garden, workshop and garage. The company is currently building its own warehouse with an investment of 15 million leva, and the next goal is to expand the business to neighboring countries. The most numerous in the top ten is the group of retailers of clothing, shoes and accessories - in addition to "Remix Global", it also includes the companies behind the brands ShopSector, Creative and Euromart. Of these, the sports shoe retailer "Shop Sector" (6) of Alexander Ivanov ranked highest. The e-shop offers a wide range of brands such as Adidas, Puma, Reebok, Nike, Supra and is among the leaders in shoe sales in Bulgaria. In 2023, revenues grew by 18% to 23 million leva. Radoslav Stamenov's Blagoevgrad-based "Onlinedress" (8), which manages the Creative women's clothing, handbags and accessories chain, reported a 5.8% drop in sales to just under 18 million leva. Currently, the e-shop creative-bg.net is under reconstruction, and in 2023, the management's efforts were focused entirely on the foreign market, as the company also opened a new commercial and warehouse base. The revenues of the "Noople" company (9), registered in the Plovdiv village of Rogosh, which is behind the bg.euromart.com website, also decreased by 7.7%. In 2023, clothes, shoes, bags and accessories worth over 16 million leva were sold through the platform. The partners in the business are three Turkish citizens - Numan S?tc?, Mohibullah Abdullah and Ali Ilhan, as well as Mohammad Afzal, who has an Indian passport. S?tc? holds 51% of the capital, and the other three have equal shares of 16.3%. The online retailer in the health and diet products sector "Atop" (7), known by its trademark WowTea, also reported a decline in its sales for 2023. During the year, turnover decreased by 4% to just over 18 million leva. However, with its financial result of nearly 2.9 million leva, the company is the most profitable among the top 10 - with a profit margin of 15.8%. Over the past three years, the company has seen several changes in ownership, and currently, in addition to founders Emil Tsvetanov (35%) and Nikolay Slavov (20%), Georgi Karpuzov (30%) and Vasil Vassilev (15%) are also partners. The top ten is closed by Plovdiv-based "LaDig", which mainly deals with online sales of cosmetic products. The company is best known for two brands - waxing WaXx me and dip me manicure products, but its brands also include skin care, hair removal, teeth whitening, as well as a series of pet products. Revenues grow by over 33% in 2023, reaching 14.2 million leva, but the growth comes after a year of contraction, and so the turnover has actually returned to its 2021 levels. Its products are offered in over 50 countries, with over 1,000 sales made on a daily basis.
Source: Capital (10.02.2025)

The online retailer eBag reports a company record of 100 thousand orders in one month for March this year. As a result, the company's monthly turnover exceeds 13 million leva for the first time, with a growth of 47.57% compared to March 2024. The sales jump is double-digit and for the entire first quarter of 2025 - 44.32%. Logistics is key to the online ordering business. Therefore, in 2024, eBag is investing in automation and robotization of the company center. The investments are related to the purchase of a "smart assembly line" and a robot, including software with implemented artificial intelligence, which helps employees (pickers) in the warehouse in preparing and packaging products. The result is an increase in capacity when issuing orders and, accordingly, accelerating deliveries to customers. In 2024, eBag is investing about 10 million leva in automation and robotization of the company center. The investments continue - in April-May this year. eBag will introduce an automated buffer for ready-made orders. Founder Ivan Alexandrov is the majority owner of Convenience, the company that manages eBag. Minority stakes are held by the Czech Rohlik Group, the investment funds Eleven and MFG Invest, the venture capital company HR Capital, as well as Miglena Popova-Vasileva and Ivaylo Karamanolev. At the end of October 2023, Convenience attracted new capital - 539 thousand leva - from two investors: Milen Stoichkov, commercial director at eBag, and PK Capital - an investment company from Varna, owned by serial IT entrepreneur Presiyan Karakostov. The valuation of the online food retailer in this deal reaches 84 million leva. The total capital raised since the company's inception is 4.5 million euros. eBag's revenue for 2024 is 116 million. BGN, which is an increase of over 40% compared to 2023. Customers have increased by 27%, and profit is about BGN 2.5 million despite investments in growth.
Source: Capital (10.04.2025)

Finnish Wolt and Estonian Bolt are expected to enter the Bulgarian home food delivery market, in which business in recent years has had two major players - Glovo and Takeaway.com. . The two platforms are gathering teams for their Sofia offices and looking for partners. Glovo, which acquired the Foodpanda business in our country, has 31.6 million leva in revenue for 2023, and Just Eat Takeaway.com, which bought BGmenu, has 28.1 million leva. Their networks include both restaurants and all kinds of stores - from niche to supermarkets. The two companies are very likely to become related parties. Prosus - the largest shareholder in the company behind Glovo, announced in February that it wants to buy Just Eat Takeaway.com for 4.3 billion dollars. Bolt was founded in Tallinn in 2013 by the then 19-year-old Markus Willig and is basically a shared transportation platform similar to Uber. Today, it has a presence in over 600 cities in about 50 countries in Europe, Asia, Africa and South America. In 2023, revenues were 1.7 billion euros with a loss of 92 million euros. Food delivery is a newer business for Bolt, as it started in 2019 from the Baltic countries and is now present in over 20 countries. In 2021, delivery of other goods began to be offered. Bolt entered our country last year with its business as an electric scooter operator, in which it is a leader in Europe. Bolt announced that the Bolt Food service is operating in the capital Sofia and is actively looking for restaurant owners for partnerships, as well as those with flower shops, grocery stores and a number of other locations. Helsinki-based Wolt was founded in 2014 and its main business is food delivery. In 2022, it was acquired by the American giant DoorDash for over 8 billion. dollars, but continues to develop under its own brand - in 25 countries and over 300 cities. Last year, Wolt bought the Romanian delivery platform Tazz from eMag. For several months, Wolt has been gathering a team for its office in Sofia. It is now clear who will head it - Ivaylo Netsov, who developed Foodpanda in our country and stayed for some time after the deal with Glovo, and was also responsible for the international expansion of Tazz. Wolt's courier network will be managed in Bulgaria by their partners.
Source: money.bg (08.05.2025)

In the first half of 2025, the online retailer eBag reported almost 50% growth in revenue, reaching 80 million leva compared to 54 million leva for the same period in 2024. On an annual basis, the growth is over 50%, announced Ivan Alexandrov, founder and CEO of eBag. In 2024, eBag invested in automation and robotization of the company center. The funds were related to purchases of a "smart assembly line" and a robot, including software with embedded artificial intelligence, which helps employees (pickers) in the warehouse in preparing and packaging products. The result is an increase in capacity when issuing orders and, accordingly, accelerating deliveries to customers. For 2025, eBag plans investments in the amount of 7 million leva, of which 4 million have already been realized. The company also plans to open a new, automated Fulfillment Center in 2027. The expected investment in it will be about 45 million euros. Founder Ivan Alexandrov is the majority owner of Convenience, the company that manages eBag. Minority shares are held by the Czech Rohlik Group, the investment funds Eleven and MFG Invest, the venture capital company HR Capital, as well as Miglena Popova-Vasileva and Ivaylo Karamanolev. At the end of October 2023, Convenience attracted new capital - 539 thousand leva - from two investors: Milen Stoichkov, sales director at eBag, and PK Capital - an investment company from Varna, owned by serial IT entrepreneur Presiyan Karakostov. eBag's revenue for 2024 is 116 million leva, which is an increase of over 40% compared to 2023. Customers have increased by 27%, and profit is about 2.5 million leva despite investments in growth. Today, there are almost 600 employees.
Source: Capital (15.08.2025)

Since the organic food producer Smart Organic moved its shares to the main segment of the Bulgarian Stock Exchange for trading, the market for small and medium-sized companies on the Beam stock exchange has also lost a large part of its capitalization - almost half, with the shares of 17 companies with a total market valuation of BGN 285 million as of September 1 now being traded on the market. The segment has so far raised almost BGN 50 million in financing, and one company - Reiswolf - went public without increasing its capital. The revenues of some companies such as Biodit, Sin Kars Industry and Mellifera are decreasing compared to the first six months of the previous year. "Dronamics Capital", for example, is a company that holds an instrument whose sole purpose is to convert into shares of the British company when a capital raising event or initial public offering occurs - something that has not yet happened, although the company raised nearly 6 million leva in December 2021. Nevertheless, "Dronamics" is one of the most profitable stocks in the last year on the beam market with a growth of about 1% in the last year and over 66% in the last six months. The most profitable at the end of June were investors in private companies "MFG Invest" and "HR Capital", which registered net profits of about 2.4 million and 2.2 million leva respectively due to positive differences from the revaluation of investments, as well as the creditor "ITF Group" with a net profit of about 2.6 million leva. The latter is also the second largest on the market in terms of revenue, with a turnover of nearly 15.9 million leva for the first six months. Only the solar panel trader AmonRa Energy is larger than it, with revenues over 33.5 million leva. At the other end of the spectrum are the honey company Melifera and the insurance broker Boleron, with only 59 thousand and 252 thousand leva, respectively. Behind the growth in HR Capital's profits is the investment in the Bulgarian online food store Convenience (ebag), where it reports a growth in fair value of over 3.4 million leva to 19.6 million leva. The investment company has a stake of about 19% in Convenience, which means in practice that the company is valued at about 100 million leva. This is also HR's largest investment, forming over 70% of the company's investment portfolio. The same situation is with "MFG Invest", which also has a stake in the online provider, but a smaller one - about 12%. Unlike HR, at MFG the largest investment in the portfolio is Payhawk, of which it owns a 1.8% stake and which is valued at 29 million leva, or a total valuation of the company of 1.6 billion leva. The car manufacturer from Ruse "Sin Cars Industry" declared sales of 4 electric vans L City Koffer for the first six months, and the company is now also offering a sports car Sin R1. Fintech "Paysera Bulgaria" continues to harbor hopes for an electronic money license from the Bulgarian National Bank, which would allow the company to retain a larger percentage of its revenues at the expense of the Lithuanian Paysera LT, with whose franchise it operates. The company already sells event tickets, which can be considered competition for companies such as Eventim and Ticketstation. The document archiving, storage and destruction company "Reiswolf", which listed directly on the market in September 2024 without raising capital, is already the second largest in terms of capitalization after the solar company "AmonRa Energy". Shares of the biometric company "Biodit", which announced restructuring in February this year, continue to search for the bottom and are among the biggest losers in the last year. Increases in the capital of "Mellifera", "Impulse Growth" and "Webit Investment Network" show that investors are still ready to trust the companies of beam. The index of the beamX segment shows growth of over 5% in the last year and more than 20% in the last six months.
Source: Capital (04.09.2025)

HR Capital AD announced the conclusion of a preliminary agreement for the purchase of approximately 3,400 shares of the capital of Convenience AD, owner of Ebag.bg. The expected price is between 1,700 and 2,200 BGN per share, and the shares purchased may be 50% more or less. Therefore, at a price of 2,200 BGN, this makes 7.5 million for the package of 3,400 shares. According to the preliminary agreement, the shares purchased may be plus or minus 50% of the specified 3,400, therefore between 1,700 and 5,100 pieces. The seller is MFG Invest AD. In reality, 3,400 shares are 5.5% of the 61,680 ordinary shares issued by Convenience AD. Therefore, up to 7.5 million BGN for 5.5% makes an estimate of 136 million BGN for Ebag.bg. For 2024, Convenience AD ??has revenues of BGN 97 million and a profit of BGN 2.6 million (compared to BGN 68 million and BGN 2.2 million, respectively, for 2023). For 2025, revenues are expected to increase by over 50%. As of June 30, 2025, HR Capital AD owns 19.17% of Convenience AD, valued at BGN 19.661 million, or BGN 1.03 million for every 1%. The company now expects to pay up to BGN 1.36 million for every 1% for the new shares, but it could be as low as 1.05% if the purchase price is in the lower range of BGN 1,700 per share. Years ago, Ebag.bg worked with products from the "Fantastico" chain, but since 2018 it has been operating independently with its own central warehouse. An analogue of Ebag.bg at the moment is, for example, Glovo, which carries out deliveries from the "Billa" chain. Conditions for finalizing the deal are the successful conduct of an initial public offering (IPO) procedure for a bond issue issued by "HR Capital". The purpose of the issue is to raise the necessary resources to finance the purchase price. The deal is also subject to approval according to the procedures provided for in the statutes of all countries.
Source: investor.bg (24.11.2025)