Glovo boosts Q-Commerce division with grocery acquisitions
Spanish on-demand delivery venture, Glovo, has reached an agreement to acquire grocery companies Lola Market and Mercadão.
Financial terns of the deals were not disclosed.
Lola Market operates in Spain while Mercadão is exclusive to Portugal. Between them, they have a portfolio of over 30 partners across the two countries.
Glovo says that the acquisitions complement its growth strategy and strengthen its Q-Commerce division following the recent deal to buy Delivery Hero’s businesses in Eastern Europe and the €100 million partnership with Swiss-based real estate firm, Stoneweg.
Oscar Pierre, CEO and Co-founder, Glovo, says: “We see huge potential in the on-demand groceries marketplace and both companies are strong local players in their respective markets, and further strengthen our Q-Commerce offering.”
“With Lola Market and Mercadão onboard, we can build stronger partnerships with retailers, offer our users big-basket purchases and provide a more complete service.”
“These acquisitions represent a significant step forward for us, as we’re now able to cover all of the main purchasing considerations for groceries customers, making Glovo a one stop shop for e-groceries.”
Gonçalo Soares da Costa, CEO at Mercadão, says: “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.”
Luis Perez del Val Sheriff, CEO at Lola Market, comments: “Our expertise in planned purchases and big basket deliveries, as well as our loyal user base and cutting edge technology, make for a very attractive proposition.”
“We’re confident that together we can continue to make ordering food more accessible and convenient for users than ever before.”
