Glovo

“It was an all stock acquisition for 2.3 billion.”

“Like we were in some markets where our GMV, our gross merchandise value is getting too close to one percent of the GDP of the country, right?”

“I think in hyperscaling, things can work with the CEO being away fundraising, because there's just so much energy. Into the business that, that is transmitted. And it, you know, and actually that's what I had to do. I was all day fundraising. No, I was almost …”

“And that coincided when we got to around a thousand people. And I think I ruined it because I started getting scared of some part of our team reacting to how I said certain things. No, and I started being a bit of a politician.”

“Milan worked really well. Paris didn't work well. And the main reason was because in Paris we were late. No, we were launching maybe like two or three years after Deliveroo and Uber Eats launched. So we never gained the scale and the leadership to be a sustain…”

“I'd say Portugal, but we, but we're gonna get there in a year. Uber Eats is still ahead because we launched too late, but we're gonna get there.”

“Taking a lot of risks to the point that we almost shut down the company three times, right?”

“We very fast, we become the largest logistics fleet in any city where we operate. That means that we have the cheapest cost to serve to move something from point A to point B.”

“It was like a black hole, like probably we lost like 30, forty million euros.”

“I think that's going to be the future, so everything will be on demand, and everything will be delivered in, in 30 minutes.”

“It took a while, took a year, and that took us to the next round, which was like a million and a half.”

“Maybe, like, five million each, I don't remember.”

“I was just too optimistic about the upside, but not looking at how complex it is to integrate different tech stacks, different cultures, different teams.”

“We know that when this two percent of online penetration turns into 20, we can capture at least half of it.”

“And we started looking at both options IPO-ing with we were still burning almost a million a year, a day, a million a day.”

“I think he did like fifteen million.”

“We, in the seven years of fundraising, I could never choose. I never said no to an investor. That's how little optionality I have.”

“Like these contracts take time and I have three weeks left of cash.”

“And we always had conversations of teaming up and joining forces and building a very large European new delivery company, but you know, we, our paths. Never joined.”

“And then when we launched it, the first aha moment now that really, you know, made our ambitions a lot bigger was that we started seeing people. Ordering McDonald's. They order Big Macs.”

“It's not only about the people that will be leaving, which they deserve it. It's not their fault that you have to lay off or do a big layoff, but it's even more important for the people that stay because those people that you lay off are their friends and the …”

“I think a hundred million. And we had half of the board was in favor of taking it.”

“So it was just a matter of time that that 70% decreased to what is some, to, I don't know, the today levels, which is between 10 and 20 in most countries.”

“In some cases, yeah. For example we see markets like Morocco where that ratio is, is very large and this allows us to offer the service much more affordable to the end customer.”

“It can work, and we have out of the three markets we have very few where we are number two and are profitable, but it's tough. You need to be a very relevant number two.”

“And Tunisia has taken maybe like two, between two and three years to turn into profit.”

“Yeah, it's an optimization game. Like it's all about lifetime value and understanding very well how every minute of delay is going to impact the lifetime value or the retention of that customer for the next order. We try to measure this all the time. It's the …”

“The burn was really scary, and it kept going up, no? 1520, 30.”

“The first round was valued at 280 K free money, and we raised a hundred K.”

“Courier acquisition is, is it's not a huge line in the P&L in our business compared to ride hailing. It's fairly cheap.”

“We unlocked the biggest deal of all history for delivery, which was McDonald's.”

“We believe in our business out of every 100 euros of GMV, we will be able to generate at least five euros of advertising money, which of course are almost Full margin, right?”

“I don't think any large competitor is now bigger than us in, in any of the markets where we operate.”

“So for seven years, we raised a round every nine months.”

“We're now at two, no? So we're getting we're halfway more or less between two and three.”

“Because they have so much scale that they can just go into your home market and destroy your business with maybe like 20, thirty million investment.”

“If you sustain a hardworking culture, you will keep finding the talent is there. Young talent that wants to work hard. I mean, you don't need to convince a, you know, a million people. That's what I told the team, like when they told me, no, because now, you k…”

“Yeah, we just turned profitable. We just turned 10 years, and the last, last semester was our first profitable semester.”

“I still have the list, a 120 VCs. And that passed not, not, not an email, but an actual call or a meeting.”

“I had to really convince them or even launch without their approval in countries like Kenya or I don't know, or Kazakhstan, because from the European point of view was like, who's going to order food delivery in Kenya?”

“I Googled, built an X for Uber. App, and I found a developing company in Russia, in Eastern Russia, that was the cheapest provider I found, and they promised me that they would deliver a first version of the app for like, 8000 euros.”

“When there were no VCs left to pitch to, Glovo was saved because I was in a, I was in an event of the FCB, Football Club Barcelona, whose sponsor back then was Rakuten. Rakuten is the Amazon of Japan. And Mikitani was, which is the founder, he was there in the…”

“We use a lot, believe it or not, we use a lot of TV on top of online media, but TV has worked very well for us to drive a lot of downloads and new customers.”

“So in the case of Tunisia, maybe I'd say between five and ten million.”

“And unfortunately, the, yeah, the country where we suffer from regulation the most is Spain. I'm not going to go into the details, but it's so extreme that I'm now in a criminal process for so the, yeah, the prosecutor, the general attorney accused me with six…”

“All the European VCs or most of them passed on us. Nobody believed in our story, you know, a bunch of kids from Barcelona beating the Deliveros and the Uber Eats of the world who were always like one step ahead in fundraising, right?”

“We're at getting to seven billion top line.”

“At some point it was very scary because 70% of our volume in Spain was McDonald's, but I was okay because I knew this was just, it was just part of the customer flow.”

“When you cross the border, it doesn't matter how big and how well-known your brand is in Spain. You go to Portugal and you start from zero.”

“We usually invest that three, four years payback.”

“Most of the people that I found had never built things. Right. So it was really hard to connect. Even the ones that invested in us. Building a company is such a rollercoaster, right? That if you don't have people that are used to this rollercoaster they add so…”

“More than the AOVs is the ratio between cost of labor and AOVs, which matters a lot.”

“And global, we lost three hundred thirty million. When we acquired it”

“So in the end, we know that the margin on the business is going to grow to 10, 10 to 13% over time.”

“I think that was an incredible acquisition only diluting Yeah, a few percent less than a 10% for a business that is, is clearly gonna outgrow the rest of the business.”

“I cannot blame Oscar for challenges that he is not responsible for that has affected him, but where we have collectively taken decisions that we think are right, then of course we also take shared responsibility on those topics.”