Glovo, the Spanish home delivery startup already present in more than 870 cities in 23 countries around the world, doubled its income in its 2020 financial year, as reported today by the company itself, which last year set an investment plan focused on three strategic areas: international expansion, new business units and attraction of technological talent. The company had a global turnover of 360 million euros compared to 128 million in 2019.
The assets of the multinational, which since last August has been adjusting its business model in Spain due to the riders law, reached 390 million euros, multiplying by two the value of 2019, which stood at 192 million. The consolidated result for the year ended with losses of 51.4 million, far from the 238.5 million euros in 2019. This figure, which represents a cut of almost 80%, takes into account the sale to Delivery Hero of its Latin American business in September 2020 for 230 million euros.
Glovo has also significantly improved its operating margins. It ensures that it has been operationally profitable in most of its markets, such as Spain and Italy, generating a positive global operating margin since mid-2020.
In terms of international expansion, in 2020 Glovo launched more than 400 new cities and 3 countries globally. "Thanks to this investment and consolidation policy, Glovo has positioned itself as a market leader in 14 of the 23 countries in which it operates," they say from the company. Currently in Spain it is present in almost 400 cities.
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