![]() “Our preferred model is to work with partners,” says Kuusi. (It has less than 10 of its own dark stores at the moment.) Unlike Spanish competitor Glovo, which last week announced plans to open 100 ‘dark stores’ by the end of the year, Wolt isn’t so keen on getting into the business of retail buying. “It forces us to build the tech that will support all the other retail categories as well - electronics, flowers, clothes - much easier categories, but where the underlying frequency is lower.” “It’s the natural expansion from restaurants,” says Kuusi. It’s also still food - people need it all the time (unlike trainers and flowers), so delivery frequency is high. You need tech for the picking up process, there’s catalogue management, expiration dates.” “There’s a lot of complexity and the margin structure is tough. “Grocery is the first and most important priority,” says Kuusi. It needs to crack grocery delivery first. “The opportunity is to equip brick and mortar stores to compete with Amazon and Alibaba - and be better than them,” says Kuusi.īut Wolt won’t be putting Amazon out of business just yet. It wants to put its logistics network and tech to use delivering all kinds of retail - from medicine to pet food to cosmetics. Like many of its competitors, Wolt is expanding beyond restaurant food delivery. “Covid has changed our perspective on how big a business like us can be,” says Miki Kuusi, Wolt’s CEO and cofounder. It also has a growing network of retail partners in nearly all of its markets, and has started preparing for an IPO. ![]() Now, it’s in 23 countries and 129 cities, has more than 2,200 employees and saw revenue triple in 2020 to $345m. This time last year, Wolt had 700 employees, was operating in 20 countries and reported €87m turnover in 2019. It’s just raised $530m in a round led by ICONIQ Growth to expand its speedily-growing retail delivery service faster and further. It’s snowy in Helsinki, but that’s not stopping local food delivery company Wolt.
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