Glovoapp Bulgaria - Short Company profile

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.