INVESTMENT

Glovo secures Sh58billion funding in a bid to grow operations

The focus of the funding will center around its Q-Commerce division and deepening its multi-category offerings

In Summary
  • This latest round of investment will see the platform strengthen its position in the market and cement its status as a global leader in the on-demand delivery sector.
  • Following this latest funding round, Glovo will invest in expanding its footprint in the 20 markets in which it currently operates.
Priscilla Muhiu, the General Manager for Glovo Kenya with clients
Priscilla Muhiu, the General Manager for Glovo Kenya with clients
Image: COURTESY

Delivery platform, Glovo has raised Sh58billion in its Series F funding  in a bid to grow its global operations.

This latest round of investment will see the platform strengthen its position in the market and cement its status as a global leader in the on-demand delivery sector.

Priscilla Muhiu, the company’s General Manager, said that the move aims at improving their customer’s experience.

“Glovo is committed to taking its tech capabilities and systems to the next level. We will use this opportunity to create a smarter and more efficient experience for customers and riders,” said Muhiu.

The firm has reduced its minimum delivery prices for food by 50 per cent to Sh50 and groceries by 18 per cent to Sh165.

“This shift in delivery prices is aimed at having the app accessible to as many customers as possible,” said Muhiu.

Following this latest funding round, Glovo will invest in expanding its footprint in the 20 markets in which it currently operates.

The focus of the funding  will center around its Q-Commerce division and deepening its multi-category offerings in all the markets in which it operates.

To spur on the growth of its grocery category, Glovo will continue to seek strategic partnerships similar to its deals with supermarkets such as Carrefour and Naivas.

“This investment will allow us to double-down in our core markets, accelerate our leadership position in places where we are already very strong and continue to expand our excellent Q-Commerce division,” said Oscar Pierre, Co-founder and CEO of Glovo.