Uber Technologies’ planned €13 billion acquisition of Delivery Hero would bring Glovo’s operations in Serbia, Montenegro, Bosnia and Herzegovina and Croatia under the American company’s control, expanding its presence in regional digital commerce and delivery services.
The proposed transaction involves a cash offer of €41.50 per Delivery Hero share, valuing the German-based group at approximately €13 billion. Uber would take control of Delivery Hero’s operations in around 50 markets, while businesses in 14 countries would be transferred to American investment firm SSW Partners. Completion is expected in the second half of 2027, subject to regulatory approvals and other conditions. For Serbia, the transaction would represent a change in ownership of an established digital-services platform rather than the immediate introduction of Uber’s passenger-transport business.
Glovo Serbia’s Financial Performance
According to financial information derived from Serbian Business Registers Agency filings, Glovoapp Technology d.o.o. generated approximately €17.7 million in total revenue, while recording a net loss of around €5 million. Its net margin was approximately negative 28.4%.
The company reported an average of 56 directly employed workers. This figure does not represent the entire delivery workforce, which includes couriers operating through separate contractual and intermediary arrangements. Reported revenue also differs from the total value of food and merchandise ordered through the platform. Delivery companies recognise revenue according to their commission, service-fee and accounting arrangements, meaning the gross merchandise value processed through an application can be substantially higher than reported revenue.
Glovo would provide Uber with an established customer network, delivery infrastructure, merchant relationships and technological capabilities. Its existing market presence does not guarantee immediate profitability. The commercial opportunity depends on improving delivery economics, increasing order frequency and generating additional revenue from existing customers and merchants.
Competition and Merchant Relationships in Serbia
Uber’s acquisition strategy combines mobility, restaurant delivery, grocery distribution and other local services within a broader digital ecosystem. Through Delivery Hero, it would gain established operations across Europe, the Middle East, Asia and Latin America, alongside existing customer relationships, merchant contracts and operating systems.
In Serbia, Glovo competes with Wolt, as well as restaurants and retailers operating their own delivery networks. The acquisition could give Uber an immediate position in Serbian digital commerce without the customer-acquisition costs associated with launching a new platform.
The transaction does not automatically mean Glovo will be renamed Uber Eats, that its application will be discontinued or that Uber’s passenger-transport services will become available in Serbia. Those decisions would depend on integration plans, local commercial conditions and regulatory requirements.
The financial performance of delivery platforms depends on order volumes, commissions, delivery fees and the cost of completing individual transactions. Restaurants pay platforms for customer access, order processing, marketing and delivery services, while consumers may also face delivery charges, service fees or subscription costs.
A larger international operator could improve efficiency through shared technology, procurement, payment infrastructure and customer analytics. Subscription services and loyalty programmes could also help increase order frequency. Competition and promotional discounts can continue to pressure margins even as transaction volumes rise.
For Serbian restaurants and retailers, the ownership change could create opportunities for marketing and customer acquisition, but it could also increase dependence on platforms controlling access to customers and transaction data.
The Serbian Commission for Protection of Competition initiated proceedings against Glovo over suspected abuse of a dominant position, including concerns about contractual provisions that could restrict merchants from cooperating with competing platforms. The initiation of proceedings did not constitute a final finding of infringement.
Courier Networks and Operating Costs
Courier availability, productivity and delivery times directly affect customer satisfaction and platform profitability. Changes to delivery fees, performance incentives, route optimisation and subcontracting arrangements could therefore influence Glovo’s Serbian operations.
Technology improvements could reduce waiting times and increase the number of deliveries completed per working hour. Their financial benefits would need to be balanced against remuneration, insurance, occupational safety and applicable labour requirements.
A multinational owner could increase investment in digital infrastructure and operating standards, while intensifying competitive pressure on smaller intermediary businesses and delivery-service providers. The outcome would depend on whether efficiency gains offset the costs of maintaining an adequate courier network.
Acquisition Financing and Regulatory Approval
Uber plans to finance the acquisition using existing cash resources and additional borrowing, supported by a committed bridge-financing facility of approximately €14 billion.
The company has stated that the combined business should improve its adjusted earnings per share, with further financial benefits expected as integration progresses. These remain projections dependent on the transaction’s completion and subsequent performance.
The acquisition must meet shareholder acceptance requirements and obtain the necessary regulatory approvals. Competition authorities are expected to examine markets where Uber Eats and Delivery Hero have overlapping operations, while the planned disposal of businesses in 14 countries forms part of the transaction’s regulatory approach. Glovo’s Serbian operation is among the businesses intended to remain within the Uber acquisition rather than the separate disposal. For Serbian regulators, relevant issues include applicable merger-control requirements, market concentration, merchant contracts and the competitive position of independent delivery platforms.
Expansion into Grocery Delivery and Digital Logistics
The acquisition could create opportunities in grocery distribution, convenience retail, pharmacy deliveries where permitted, business logistics and last-mile fulfilment.
Serbian retailers could gain access to a larger digital distribution network without having to develop their own delivery infrastructure. Technology and logistics companies could also see demand for software integration, payment services, fleet management and customer-support systems.
The domestic economic impact would depend on where investment, technology development, management and other higher-value functions are located. Although a multinational platform can generate substantial consumer transactions in Serbia, intellectual property, centralised operations and technology expenditure may remain elsewhere.
The contribution to Serbia’s digital economy would therefore depend on local employment, procurement, business investment and taxable activity, alongside the transaction volumes generated through the platform.
