Wolt, a Finnish food transport technology company, has avoided being taken over by some of its major competitors. The owners of the company are now considering listing its shares on the stock exchange.
Miki Kuusi, the CEO of Wolt, told Helsingin Sanomat on Thursday: "We have had many opportunities to choose a different path, but we did not want to accept being taken over as we see how independent Wolt can be. We have thought that maybe the company can be listed on the stock exchange in the coming years."
Wolt believes that it can continue as an independent company and expand in new areas even though there is a consolidation of food courier companies happening. Kuusi confirms the company is not for sale.
Mikko Hänninen, a doctoral candidate at Aalto University, has recently written his dissertation on the impact of the retail platform business. He told the paper that the future of Wolt depends a lot on how global technology companies plan to expand in Europe. One of the possibilities is that one of the larger competitors would buy Wolt.
One of the reasons is that Wolt has earned over €100 million and big technology companies will be added to the stock exchange with billions of euros. It means that big companies can buy these kinds of skills from someone who does not have them.
Hänninen admitted: "Wolt has been very rational with its technology as they have only listed in unique markets. But at the same time, they have a lot of marketing expenses and it is hard to understand if the company wants to earn more by using a business model which actually could be unprofitable."
Wolt holds a strong position in Eastern Europe as it has taken the lead in front of other food courier companies. In addition to that, the company has expanded to Japan.
Wolt is a popular company in Estonia and is used by several hundred companies in Tallinn and Tartu. Liis Ristal, head of the Baltic branch of Wolt, recently told ERR in an interview she hopes the company should be listed on the stock exchange in the next three years.
Editor: Katriin Eikin Sein