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Fruugo posts year of strong growth

Online marketplace Fruugo has increased its full year revenue by 110% to £65 million after it benefited from growth in global cross-border ecommerce. The group grew… View Article

GENERAL MERCHANDISE

Fruugo posts year of strong growth

Online marketplace Fruugo has increased its full year revenue by 110% to £65 million after it benefited from growth in global cross-border ecommerce.

The group grew its total transaction value by 87% to £255 million and increased its number of shoppers by 114% to just under seven million.

Fruugo said more than 96% of all transactions crossed a border in the period and that over 90% of its revenue was generated from shoppers outside of the UK.

Dominic Allonby, executive chairman of Fruugo, said: “We are delighted to report another year of exceptional growth. Due to substantial and growing demand for Fruugo’s multi-award-winning services, coupled with our high-quality execution, we have more than doubled the size of our business in just one year.”

The results mean that Fruugo now expects to achieve record profits in its 2022 financial year.

Looking ahead, Allonby said: “As we enter 2023, we remain focused on further enhancing our platform, including developing the tools retailers use to join Fruugo, and continuing to develop the user experience on our websites.

“We look forward to continuing our strong growth trajectory in 2023 and beyond.”

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