Grab and Wolt Experience Substantial User Growth in Germany

Key Takeaways:

• Per ST data, Wolt (+2ppts), Picnic (+1ppts) and Yemeksepeti (+1ppts) saw gains in MAU share in Germany in 3Q24 QTD vs 3Q21, compared to share losses for Just Eat Takeaway (-15ppts), Uber Eats (-2ppts) and Deliveroo (-1ppts)

  • Grab has become one of the largest food and grocery platforms in Germany, representing 23% of MAU share in the market in 3Q24 QTD, up from 9% in 3Q21

• Excluding Grab, Wolt saw the strongest growth in MAUs in Germany over the past few years, potentially driven by extensive use of various mobile ad networks. Wolt MAUs from 3Q23-3Q24 QTD increased an average of 44% YoY, per quarter, vs 33% for Picnic, 10% for Foodpanda, 3% for Yemeksepeti, and 1% each for Just Eat Takeaway and Uber Eats

  • Per ST data, Wolt leads Grab, Uber Eats, Just Eat Takeaway, Picnic and Deliveroo in Germany in average share of voice (SOV) on mobile ad networks such as AdMob, AppLovin, BidMachine, ChartBoost, Digital Turbine, InMobi, IronSource, LiftOff, Meta Audience Network, Unity and YouTube through 2024 YTD

• Per ST data, the food delivery app cohort in Germany has a high penetration of downloads from organic sources at nearly 79% on average through 2024 YTD, up from 75% between Jan’23-Sep’23. On a YoY basis, Flink (+12ppts) and Just Eat Takeaway (+10ppts) exhibited the most material increases in the penetration rate of organic downloads through 2024 YTD, which could indicate that these platforms are benefiting from word-of-mouth advertising and inherent brand awareness in the market

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