Less than half a year after bagging €450 million in Series F funding, on-demand delivery giant Glovo is continuing its acquisition spree, this time to bolster its 'quick commerce' or q-commerce division.
The Spanish company has bought one small grocery delivery player in its home country, Lola Market, and one that operates in Portugal called Mercadão.
Terms of the acquisitions have not been disclosed.
With the purchase of both companies, Glovo intends to strengthen its foothold in Southern Europe as the on-demand grocery delivery space heats up faster even than planet Earth's climate. Both Mercadão and Lola Market are on-demand delivery platforms that connect supermarkets, traditional markets and local independent stores directly with customers; purchasing them enables Glovo to continue trying to cater to retail partners regardless of their size.
Led by Gonçalo Soares da Costa, CEO of Mercadão, the goal will be to replicate both Mercadão’s and Lola Market’s success in all the countries in which Glovo operates, initially expanding in Poland and Italy.
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Glovo's q-commerce arm is well on track to record more than €300 million in 'Gross Transaction Value' this year, the company says, adding that it's likely to reach a €1 billion run rate by the end of 2022 on its own.
"Glovo has a very ambitious vision for the future of e-groceries in Europe and it’s one of which we are excited to be a part. We believe that the combined experience and talent of both Mercadão’s and Lola Market’s teams, coupled with Glovo’s international reach, will allow us to offer a truly unrivalled delivery service to customers. It’s a challenge we look forward to facing and one we are undertaking with enthusiasm and determination." - Gonçalo Soares da Costa, CEO of Mercadão
Check out more of our past coverage of Glovo here.
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