Spanish Glovo to acquire Ukrainian grocery delivery leader, Ukraine’s popular online service to order from grocery chains, is to become part of Spanish Glovo. The deal was agreed earlier this month with’s main investor, Chernovetskyi Investment Group (CIG), reports Ukrainian tech blog AIN.UA. was founded in 2010 by Ukrainian entrepreneur Yegor Anchyshkin – whose first startup, Viewdle, was acquired by Google in 2012

CIG invested in it $15 million in total through several  rounds — including $2.5 million in 2014 and €5 million in 2020 still makes losses, which partly explains CIG’s decision to sell it, according to sources cited by AIN.UA. 

The company’s valuation could be in the range of $20-50 million, AIN.UA heard from industry insiders. While smaller investors will exit for cash, sources say CIG will receive 80% of the proceeds in shares.

Glovo is a subsidiary of German Delivery Hero. CIG is backed by businessman and former Kiyv (Kiev) mayor Leonid Chernovetskyi.

Topics: E-commerce, Finance, International, M&A, News
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