{"id":567426,"date":"2020-01-22T03:58:23","date_gmt":"2020-01-22T03:58:23","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/22\/glovo-leaves-egypt-again\/"},"modified":"2020-01-22T03:58:23","modified_gmt":"2020-01-22T03:58:23","slug":"glovo-leaves-egypt-again","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2020\/01\/22\/glovo-leaves-egypt-again\/","title":{"rendered":"Glovo leaves Egypt \u2013 again"},"content":{"rendered":"

<\/a> STARTUP WATCH- Glovo leaves Egypt \u2014 again:<\/strong> Spanish on-demand delivery startup Glovo has decided to exit the Egyptian market for the second time in less than a year as it looks to become profitable next year, according to TechCrunch<\/a>. A company spokesperson told the tech publisher that the Egyptian market was too \u201ccomplex\u201d and that \u201cthere is not a clear path to profitability\u201d for the company. Egypt is one of four markets \u2014 the others being Turkey, Uruguay and Puerto Rico \u2014 that the company has decided to exit. Co-founder and CEO Oscar Pierre said it was a \u201ctough decision to take\u201d but that it was necessary for the company to hit its 2021 profitability targets.<\/p>\n

Talk about d\u00e9j\u00e0 vu:<\/strong> The Glovo first said they would exit the Egyptian market in May<\/a> after securing a EUR 150 mn series D funding round led by Lakestar<\/a>. This prompted the Egyptian Competition Authority to accuse the company<\/a> of anti-competitive practice when it began directing users to Otlob, the food delivery app owned and operated by Delivery Hero, which owns 16% of Glovo. The ECA demanded that Glovo resume operations in Egypt, which it did less than a month later<\/a>. The latest decision comes a month after the company secured USD 166 mn in series E funding<\/a> from UAE\u2019s Mubadala, apparently at a valuation north of USD 1 bn.<\/p>\n

The company talked big but couldn\u2019t deliver:<\/strong> Less than three months ago the company was talking about its plans to acquire a 50% share<\/a> in Egypt\u2019s online delivery market within 18 months, saying it had earmarked EUR 5.1 mn to fund its expansion<\/a> in Egypt in 2020.<\/p>\n","protected":false},"excerpt":{"rendered":"

STARTUP WATCH- Glovo leaves Egypt \u2014 again: Spanish on-demand delivery startup Glovo has decided to exit the Egyptian market for the second time in less than a year as it looks to become profitable next year, according to TechCrunch. A company spokesperson told the tech publisher that the Egyptian market was too \u201ccomplex\u201d and that […]<\/p>\n","protected":false},"author":1,"featured_media":567427,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8572],"tags":[72,10203,4437,4438,3963,4440,4441,2380,4439,218],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-567426","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round","tag-enterpriseam","tag-exit","tag-glovo","tag-hero","tag-otlob","tag-series-d","tag-series-e","tag-speed-round","tag-techcrunch","tag-turkey","wpautop","entry"],"acf":{"mongo_id":"21a40e45-ce53-470f-8a57-1556d60dbbd4","is_powered_by":true,"section_story_id":"14edc14e-3bad-4222-b8be-03b81f023c77","story_type":"1","photo_url":"https:\/\/ent.news\/2020\/1\/668.jpg","photo_position":"above","related_issue":[567415],"teaser":"","voice_url":""},"yoast_head":"\nGlovo leaves Egypt \u2013 again - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2020\/01\/22\/glovo-leaves-egypt-again\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Glovo leaves Egypt \u2013 again\" \/>\n<meta property=\"og:description\" content=\"STARTUP WATCH- Glovo leaves Egypt \u2014 again: Spanish on-demand delivery startup Glovo has decided to exit the Egyptian market for the second time in less than a year as it looks to become profitable next year, according to TechCrunch. 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The move came as the startup secured a EUR 150 mn series D funding round led by Lakestar. According to\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":599134,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/06\/19\/glovo-returns-to-egypt-resumes-services-in-cairo\/","url_meta":{"origin":567426,"position":1},"title":"Glovo returns to Egypt, resumes services in Cairo","author":"enterpriseam admin","date":"19 June 2019","format":false,"excerpt":"STARTUP WATCH- Glovo returns to Egypt, resumes services in Cairo: Spanish on-demand delivery startup Glovo has U-turned on its decision to exit Egypt and has relaunched service in parts of Cairo, MenaBytes reports. The company is yet to make a public statement, but the app is reportedly working in some\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/239.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":598587,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/05\/29\/eca-calls-foul-on-delivery-hero-glovo-arrangement-orders-glovo-to-come-back-to-egypt\/","url_meta":{"origin":567426,"position":2},"title":"ECA calls foul on Delivery Hero-Glovo \u201carrangement,\u201d orders Glovo to come back to Egypt","author":"enterpriseam admin","date":"29 May 2019","format":false,"excerpt":"ECA calls foul on Delivery Hero-Glovo \u201carrangement,\u201d orders Glovo to come back to Egypt: The Egyptian Competition Authority (ECA) said an \u201carrangement\u201d between Delivery Hero and Glovo to \u201cdivide up\u201d markets\u201d led Glovo to exit Egypt in violation of the competition law, the ECA said in a statement (pdf). The\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/5\/239.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":594363,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/28\/spains-glovo-eyes-50-share-of-egypts-online-delivery-market\/","url_meta":{"origin":567426,"position":3},"title":"Spain\u2019s Glovo eyes 50% share of Egypt\u2019s online delivery market","author":"enterpriseam admin","date":"28 October 2019","format":false,"excerpt":"Glovo wants half of Egypt\u2019s delivery market: Delivery app Glovo plans to more than double its share of Egypt\u2019s online delivery market to 50% within 18 months, up from its current 21% share, sales manager Mustafa Kamel told Reuters in an interview. 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The food\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2019\/8\/943.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":597327,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/07\/22\/glovo-officials-meet-with-drivers-to-end-egypt-strike-over-scrapped-incentives\/","url_meta":{"origin":567426,"position":5},"title":"Glovo officials meet with drivers to end Egypt strike over scrapped incentives","author":"enterpriseam admin","date":"22 July 2019","format":false,"excerpt":"Officials from delivery app Glovo\u2019s Spain office are in town to meet with 120 drivers currently on strike in protest at the company\u2019s decision to end financial incentives and compensation, sources close to the matter told the local press. 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