Glovo is a Spanish startup that currently operates in 25 countries around the world.
Glovo established its subsidiary in Georgia in 2018, and in 2019 expanded the delivery network and the number of partner facilities.
The company is represented in Georgia by GlovoAPP Georgia Ltd., which has published financial results for 2019. According to it, the company's operating and non-operating income was 7.86 million GEL.
In addition, the financial report shows that last year Glovo suffered a loss of 8.23 million GEL. The loss was related to the large investments made by the company in rapid development.
More specifically, the largest part of Glovo's operating income, GEL 7.09 million, was a service fee. However, expenses related to the attracting of the couriers are on the first place, on which the company spent 5.9 million GEL.
Glovo's main expenses are distributed as follows:
• Expenditures made on Couriers - 5.9 million GEL;
• Head office service costs - 3.7 million GEL;
• Marketing expenses - 1.96 million GEL;
• Other tax expenses - 0.95 million GEL;
• Cost of professional services - 0.8 million GEL;
• Employee salaries - 0.79 million GEL;
• Processing costs - 0.63 million GEL.
According to the financial report, the assets of the Georgian subsidiary of the food delivery application amount to 1 million GEL.
