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Glovo to halt operations in Ghana Glovo, a prominent food delivery platform, has announced its decision to discontinue operations in Ghana effective May 10, 2024, despite significant investments aimed at improving its services in the country, as reported by Instinct Business. The company conveyed this news to its network of restaurant partners via email, citing challenges in achieving profitability within the Ghanaian market as the primary reason for its withdrawal. In the communication, Glovo clarified its intention to refocus its resources on bolstering its presence in other African markets, including Morocco, Uganda, Kenya, Côte d’Ivoire, and Nigeria. "We are reaching out to inform you that Glovo has made the strategic decision to terminate our operations in Ghana by May 10th at 10:00 pm. This decision stems from a reevaluation of our investment priorities as we concentrate our efforts on the other 23 countries where Glovo is operational." "The app and slots will remain active until May 10th, 10:00 pm, after which the app will cease to function for slot bookings," the company stated. In 2021, Glovo co-founder Sacha Michaud announced an investment of 1.7 million euros in the Ghanaian market, expressing optimism about its potential for growth. "The Ghanaian market holds promise for Glovo, and we remain committed to expanding our reach across all regions of the country to provide convenience to its residents," Michaud stated at the time. He highlighted Glovo's objective of enhancing convenience by enabling online ordering and seamless home delivery of products for Ghanaian consumers. During the launch phase, Michaud underscored Ghana's increasing population and internet penetration as conducive factors for business expansion. He mentioned Ghana among the seven African countries where Glovo operated, alongside key markets such as Kenya, Nigeria, and South Africa. Despite these initial aspirations, Glovo's decision to exit the Ghanaian market underscores the complex dynamics and challenges inherent in the food delivery industry. Stay ahead with the latest in food delivery news from the weekly Boolanga Business Bites newsletter, brought to you by Wear Your Brand. Sign up for our LinkedIn newsletter now to receive weekly updates directly to your inbox every Monday.

Rohlik Group invests in automation technologies Rohlik Group, a leading European e-commerce grocery delivery company, has announced the launch of knuspr.de in Berlin, Germany, as part of its ambitious growth strategy. This expansion initiative aims to propel Rohlik Group towards its target of achieving €10 billion in revenue by 2030 and extends its footprint into 15 additional German cities. Knuspr.de, powered by an automated warehouse and innovative AutoStore technology, is now live in Berlin, operating from a state-of-the-art distribution centre located in Schönefeld. The service covers the entire Berlin area, including neighbouring Potsdam and parts of Brandenburg, offering customers a wide assortment of products with superior fast delivery. Vineta Bajaj, Group CFO at Rohlik Group, expressed pride in the company's achievements, emphasizing the rapid transition to a new brand, warehouse automation, and the launch of Knuspr.de with an extensive SKU range within just four months. Bajaj's experience, formerly with Ocado Group, underscores Rohlik Group's commitment to leadership and innovation in the online grocery industry. Tomáš Čupr, Founder and CEO of Rohlik Group, welcomed Berlin to the Knuspr.de family, drawing on the success of the service in Munich and Frankfurt as a testament to its appeal to customers seeking a diverse selection, fast delivery, and support for local producers. Mark Hübner, Managing Director of knuspr.de, highlighted the mission to simplify and enhance shopping experiences in Berlin by offering a comprehensive product range at competitive prices, including premium regional offerings. The introduction of Knuspr.de in Berlin signifies the transition from the Bringmeister brand, which Knuspr acquired last autumn. Hübner assured customers of the company's commitment to maintaining high standards and expressed enthusiasm for building trust with existing Bringmeister customers while elevating service quality and product variety. Čupr reiterated the significance of the Berlin market, emphasizing Rohlik Group's dedication to redefining grocery delivery services by prioritizing speed, reliability, and integration with the local food ecosystem. The launch in Berlin marks the beginning of a strategic expansion phase in Germany, reflecting Rohlik Group's vision to revolutionize the grocery delivery landscape. Stay ahead with the latest in food delivery news from the weekly Boolanga Business Bites newsletter, brought to you by Wear Your Brand. Sign up for our LinkedIn newsletter now to receive weekly updates directly to your inbox every Monday.

Uber and Klarna Team on New Payment Options for Rides, Deliveries Uber and Klarna have announced a strategic partnership aimed at providing users with enhanced payment flexibility for rides and deliveries, catering to customers in the U.S., Germany, and Sweden. The collaboration, unveiled on Wednesday, introduces Klarna's Pay Now option to users, allowing them to instantly cover the cost of their next Uber ride with a single click. This feature is available in the aforementioned countries, empowering users to manage their transactions conveniently through the Klarna app while ensuring swift and secure payments. Additionally, customers in Germany and Sweden can leverage Klarna's monthly payment option, enabling them to consolidate their purchases into one interest-free payment aligned with their monthly salary cycle. This innovative offering provides users with greater financial control and flexibility in managing their expenses. Sebastian Siemiatkowski, Co-founder and CEO of Klarna, highlighted the significance of the partnership with Uber in providing consumers with seamless payment experiences on the go. He emphasized how the collaboration expands payment options, allowing users to pay quickly and securely while managing their finances efficiently within the Klarna ecosystem. The partnership between Uber and Klarna comes at a time when digital convenience is increasingly sought after by consumers, as revealed by research from PYMNTS Intelligence's "2024 Global Digital Shopping Index: U.S. Edition." The study underscores the growing preference for digital channels among shoppers, with a significant portion expressing a preference for seamless online transactions. This announcement follows Klarna's recent expansion of its partnership with travel company Expedia, bringing Klarna's installment payments offering to American travelers. By enabling users to Pay Now or Pay Later with Klarna, the partnership aims to make travel more financially accessible and enhance the booking experience for travelers seeking both adventure and affordability. The collaboration between Uber and Klarna exemplifies a commitment to innovation and customer-centric solutions in the digital payment landscape, offering users greater flexibility and convenience in managing their transportation and delivery expenses. Stay ahead with the latest in food delivery news from the weekly Boolanga Business Bites newsletter, brought to you by Wear Your Brand. Sign up for our LinkedIn newsletter now to receive weekly updates directly to your inbox every Monday.

Meituan Plans to Launch Food Delivery Platform KeeTa in the Middle East Recent reports suggest that Meituan is gearing up to introduce its international food delivery platform, KeeTa, in the Middle East, with Riyadh, the capital of Saudi Arabia, slated to be its initial launch destination, possibly within the upcoming months. This move marks Meituan's first foray beyond the Greater China region, signaling a strategic expansion amidst a plateau in its domestic market growth, as reported by Pandaily. Insider sources familiar with the matter have revealed that Meituan is actively laying the groundwork for the introduction of its KeeTa application in the Middle East, with Riyadh identified as the primary target. While maintaining anonymity due to the sensitivity of the discussions, insiders disclosed that Meituan has been exploring opportunities in the Middle Eastern market for several months, with a potential rollout expected in the near future. Previous insider reports indicate that Meituan's Head of Strategic Investments Overseas, Zhu Wenqian, conducted multiple visits to the Middle East region between October 2022 and mid-2023. These visits were primarily focused on gaining insights into local business regulations and understanding the competitive landscape of the regional food delivery sector. If these reports hold true, Meituan will be entering into competition with local players in Riyadh, including Jahez International Company, HungerStation | هنقرستيشن, and Careem. Meituan first launched its innovative food delivery brand, KeeTa, in Hong Kong in May of last year. Initially serving areas like Mong Kok and Tai Kok Tsui, KeeTa gradually expanded its services to encompass Kowloon, Hong Kong Island, and the New Territories. By October 25th of the same year, KeeTa achieved full coverage across Hong Kong, demonstrating Meituan's commitment to providing efficient and reliable food delivery services in new markets. Stay ahead with the latest in food delivery news from the weekly Boolanga Business Bites newsletter, brought to you by Wear Your Brand. Sign up for our LinkedIn newsletter now to receive weekly updates directly to your inbox every Monday.

Delivery Hero ups revenue guidance on rising orders, ad revenue, as reported by Reuters. Delivery Hero has revised its revenue projections upwards for the year following a robust first quarter, driven by increased orders and advertising revenue. The company now anticipates revenue growth to range between 18% and 21%, up from the previously estimated 15% to 17%. This upward adjustment reflects Delivery Hero's confidence in its ability to capitalize on evolving market dynamics and meet growing consumer demand. The revised outlook comes as a relief to investors concerned about the challenges of retaining customers in a competitive landscape, especially after the surge in demand during the pandemic lockdowns. In the first quarter, Delivery Hero reported a 21% increase in quarterly total segment revenue, reaching 3.02 billion euros ($3.23 billion) in constant currency and excluding hyperinflationary accounting. In reported currency, revenue grew by 17% to 2.95 billion euros. These results surpassed analysts' expectations, with estimates hovering around 2.81 billion euros in a company-provided poll. Delivery Hero's strong performance in the first quarter underscores its resilience and adaptability in navigating market dynamics while continuing to drive growth. As the food delivery industry evolves, Delivery Hero remains committed to innovation and customer satisfaction, positioning itself as a leading player in the global food technology landscape. With its revised revenue forecast, the company demonstrates its confidence in its ability to deliver value to shareholders while meeting the evolving needs of its diverse customer base. Stay ahead with the latest in food delivery news from the weekly Boolanga Business Bites newsletter, brought to you by Wear Your Brand. Sign up for our LinkedIn newsletter now to receive weekly updates directly to your inbox every Monday.

Getir, Gorillas close to pulling out of Germany Turkish grocery delivery company Getir is close to withdrawing from Germany almost a year and a half after it bought rival Gorillas, German media reported on Wednesday. According to reports from WirtschaftsWoche, the deadline for its exit from Germany is set for May 15, 2024, marking a significant shift for the Istanbul-based company. Already, layoffs have commenced, affecting some of the 1,800 employees in Germany, with plans to gradually shutter warehouses over the next three weeks. This move not only signifies the disappearance of the Getir brand from local streets but also spells the end for Gorillas, another delivery service under its umbrella. When approached for comment, Getir declined to provide further details on the matter. Similar withdrawal plans are reportedly in motion for Great Britain and the Netherlands. Management discussions earlier this month hinted at this strategic move, as exclusively reported by WirtschaftsWoche. Thousands of employees across both countries are potentially impacted by these impending changes. In a parallel development, reports from British broadcaster "Sky" suggest that Getir has secured new financing in the double-digit million range from existing investors. However, this financial injection comes with a condition: the funds must be allocated toward the withdrawal and settlement of operations in the three markets mentioned earlier. Additionally, the investment stipulates further expansion of the food delivery business within Türkiye, the company's home market. Despite inquiries, Getir has remained tight-lipped about these developments. Founded in 2015, Getir expanded its operations abroad six years later. At the end of 2022, it acquired struggling Berlin-based competitor Gorillas. Discussions surrounding the potential acquisition of Berlin startup Flink have since fizzled out, according to insider sources. While Getir was recently valued at approximately $12 billion, maintaining this valuation amid these changes seems uncertain. Speculation about a $500 million financing round last fall remained unconfirmed by the company. Instead, Dutch grocer Ahold Delhaize injected funds into Getir in exchange for the acquisition of its subsidiary, FreshDirect. This strategic move underscores Ahold Delhaize's efforts to divest itself of the New York-based startup. Getir quietly exited US cities Chicago and Boston in December 2023, leaving the fate of its sole remaining location, New York, uncertain. Stay ahead with the latest in food delivery news from the weekly Boolanga Business Bites newsletter, brought to you by Wear Your Brand. Sign up for our LinkedIn newsletter now to receive weekly updates directly to your inbox every Monday.

Blinkit is now more valuable than Zomato’s food delivery business: Goldman Sachs Zomato's foray into the quick commerce realm through Blinkit appears to be yielding significant dividends, according to recent reports. Goldman Sachs' latest analysis reveals that Blinkit's valuation has soared, eclipsing that of Zomato's core food delivery arm. This development has instilled optimism in Zomato's prospects, prompting Goldman Sachs to revise its price target for the stock by more than 40%. Blinkit's remarkable ascent is primarily fueled by its robust growth trajectory. Goldman Sachs estimates Blinkit's valuation to stand at a staggering $13 billion, marking a remarkable six-fold surge compared to March 2023. The surge in valuation is underpinned by Blinkit's stellar performance: - Blinkit's gross order value (GOV) witnessed an impressive year-on-year growth of 103% in the December 2023 quarter. - Goldman Sachs anticipates Blinkit to achieve EBITDA breakeven by the conclusion of Q4 FY24, surpassing Zomato's food delivery segment in terms of EBITDA margin by FY30. - Furthermore, in a consumer sentiment analysis conducted by Inc42 and Clootrack, Blinkit emerged as the top performer, garnering the highest favorability ratings from consumers. The rapid growth of the quick commerce sector in India is undeniable, with Goldman Sachs estimating the addressable market size in the top 50 cities alone to be a staggering $150 billion as of 2023. As Blinkit continues to ride the wave of success, it underscores the transformative potential of quick commerce in reshaping the Indian food delivery landscape. Stay ahead with the latest in food delivery news from the weekly Boolanga Business Bites newsletter, brought to you by Wear Your Brand. Sign up for our LinkedIn newsletter now to receive weekly updates directly to your inbox every Monday.

Menulog exits New Zealand operations! As reported by NZ Herald, In a recent announcement, online food delivery platform Menulog revealed its decision to discontinue its operations in New Zealand, effective from May. The parent company, Just Eat Takeaway.com, cited the market's size as insufficient to maintain a viable business presence. "This reflects the business' commitment to drive efficiencies and focus on building strong and sustainably profitable positions," stated the company. As part of the transition, Menulog will provide support to its employees affected by this decision, ensuring a smooth exit from the market. Couriers, classified as self-employed independent contractors, who have completed deliveries within the past three months will be eligible for a four-week payment. Additionally, customers holding unused vouchers will have the option to utilize them or receive reimbursement during the transition period. Established in New Zealand in 2012, Menulog entered the market following its successful launch in Australia in 2006. However, the landscape has since evolved, with increasing competition from platforms like Uber Eats, DoorDash, and Delivereasy. Just Eat Takeaway, headquartered in Amsterdam, operates in 20 countries, primarily in Europe and the United States. Despite the closure in New Zealand, the company continues its global operations, focusing on its core markets. In its 2023 full-year results, Just Eat Takeaway.com reported a revenue of €5.17 billion (NZ$9b), with a net loss that narrowed significantly from the previous year. This announcement follows the recent departure of rideshare company Ola from New Zealand, Australia, and the United Kingdom. Ola cited expansion opportunities in its home country, India, as the reason behind the decision. As the food delivery industry continues to evolve, such strategic shifts reflect companies' efforts to adapt to changing market dynamics and focus on sustainable growth opportunities. Stay ahead with the latest in food delivery news from the weekly Boolanga Business Bites newsletter, brought to you by Wear Your Brand. Sign up for our LinkedIn newsletter now to receive weekly updates directly to your inbox every Monday.

finmid raises $24.7M to help SMBs access loans through platforms like Wolt, as reported by TechCrunch Berlin-based fintech startup, finmid, has closed a substantial €23 million Series A funding round to propel its mission of providing embedded finance solutions tailored for marketplaces. The latest funding round, led by notable investors, values the company at €100 million post-money and is set to facilitate its expansion into new markets while enhancing its product offerings. Embedded finance solutions, which integrate financial services into non-financial platforms, have gained traction in recent years, particularly within marketplace ecosystems. Finmid is among the pioneers in this domain, offering marketplaces the ability to offer payment and financing options directly to their users. By leveraging existing transactional activity within marketplaces, Finmid aims to optimize operational efficiencies and enhance customer experience while driving revenue growth. Max Schertel, co-founder of Finmid, emphasized the significance of providing small and medium-sized businesses (SMBs) access to capital through business partners rather than traditional banking channels. He highlighted the advantages of leveraging marketplace data to offer personalized financing solutions, citing examples like food delivery giant Wolt, which utilizes Finmid's technology to extend cash advances to its restaurant partners based on sales history. Through strategic partnerships with major banks, Finmid facilitates seamless access to working capital for SMBs, benefiting both marketplace platforms and their associated businesses. By embedding Finmid's technology, marketplaces can streamline operations, generate additional revenue, and enhance the overall value proposition for their users. Despite initial challenges in gaining traction, Finmid has garnered substantial support from investors who recognize the transformative potential of embedded finance. With €35 million raised in equity funding to date, the company is poised for accelerated growth and market expansion. Notable backers include N26 founder Max Tayenthal, alongside venture capital firms Blossom Capital and Earlybird VC. Looking ahead, Finmid plans to leverage its latest funding to bolster its team and further enhance its product offerings. With ambitions to expand into new markets, starting with Italy, the company remains committed to driving innovation in the embedded finance space while delivering value to its partners and customers across Europe. Stay ahead with the latest in food delivery news from the weekly Boolanga Business Bites newsletter, brought to you by Wear Your Brand. Sign up for our LinkedIn newsletter now to receive weekly updates directly to your inbox every Monday.

Uber, NVIDIA-backed Serve Robotics hits public markets with $40M splash, as reported by TechCrunch. Serve Robotics, a prominent sidewalk robot delivery company backed by Uber and Nvidia, has made its highly-anticipated debut on the stock exchange, marking a significant milestone in the realm of food technology. The company, which emerged from Uber's acquisition of Postmates in 2021, has commenced trading on Nasdaq under the ticker symbol "SERV." With gross proceeds of approximately $40 million, Serve Robotics embarked on its public journey with a share price of $4. This strategic move follows Serve's reverse merger with blank-check company Patricia Acquisition Corp. in August 2023, coupled with a $30 million funding round led by existing investors Uber, Nvidia, and Wavemaker Partners. While Serve's entry into the public markets mirrors the trajectory of a SPAC merger, the company's decision highlights an alternative avenue for startups seeking rapid access to capital. However, such financial maneuvers come with inherent risks, particularly for pre-revenue or minimally profitable entities, a lesson learned from past challenges faced by autonomous vehicle and electric vehicle ventures. Despite initial losses, Serve Robotics is optimistic about its future prospects, fueled by the influx of capital from its public offering. With a focus on research and development, manufacturing, and geographic expansion, Serve aims to capitalize on its robust growth momentum and transform the landscape of quick-commerce. Serve Robotics envisions a substantial revenue surge, targeting between $60 million and $80 million in annual revenue by the end of 2025, accompanied by positive cash flow and contribution margins exceeding 50%. The company attributes its projected growth to the scaling of its robot fleet, with plans to deploy up to 2,000 robots across multiple U.S. cities. Moreover, Serve Robotics is pioneering innovative revenue streams, including advertising on its sidewalk robots, which is anticipated to contribute significantly to its overall revenue. Embracing advancements in AI and robotics, Serve aims to revolutionize last-mile delivery, offering a safer, more efficient alternative to traditional vehicle-based logistics. Serve's public offering is poised to conclude by April 22, with potential gross proceeds of approximately $46 million. As part of the transaction, Uber and Nvidia are set to retain significant ownership stakes in Serve, underscoring their commitment to the company's vision and growth trajectory. Stay ahead with the latest in food delivery news from the weekly Boolanga Business Bites newsletter, brought to you by Wear Your Brand. Sign up for our LinkedIn newsletter now to receive weekly updates directly to your inbox every Monday.