The German Flink announces this May 16, 2022 the acquisition of the small Frenchie Cajoo, whose brand will disappear in the second quarter of 2022. This operation mainly allows Flink to access the central of purchase from Carrefour, which negotiates large volumes at very competitive prices from which the start-up will be able to benefit. The distributor becomes its exclusive commercial partner in France and takes shares in the German start-up. The amount of this equity investment is kept secret by the interested parties.
Carrefour had indeed forged an industrial partnership aimed at supplying Cajoo in September 2021. The group had at that time taken shares in the nugget made in France. Since this investment, Cajoo has been preparing Carrefour shopping orders received on Uber Eats. Flink is also gaining access to this new revenue stream. "Less than a year after joining forces with Cajoo, we are able to take part in the market consolidation and enter into a valuable strategic partnership with Flink. As the leader in home delivery in Europe, we are delighted to reinforce our e-commerce ambition and bring unprecedented value to Carrefour and Flink customers,” said Elodie Perthuisot, executive director e-commerce, data and digital transformation of the Carrefour group in a press release.
Flink "will begin the integration of stores previously managed by Cajoo, after which the company will serve the Paris region and eight other major cities with 30 hubs, reaching 6 million customers to deliver groceries in minutes. In this context, the Cajoo team will be merged with the national and international organization of Flink,” the company said in the document. The new set will total 47 dark stores before a possible reorganization, according to data from Nielsen dated April 2022.
Thanks to this operation, Flink adds the city of Lille, served by Cajoo, to its portfolio of potential customers. This acquisition is a response from Flink to its main competitor, Gorillas, which finalized the acquisition of French Frichti in March 2022. These two companies together claim to hold the first place in the French market. Cajoo and Flink now claim this title. This operation also marks the death warrant for French quick trade companies. Frichti, the second quick weight trader based in France, certainly continues to operate, but under the leadership of its new owner Gorillas.
As a reminder, Flink was born in Germany and has experienced extremely rapid growth. In April 2022, the company joined forces with the German distributor Rewe as part of a purchasing partnership. In December 2021, it raised $750 million from Doordash, an American player specializing in meal delivery. The young company is valued at more than 2 billion dollars, while it was born in December 2020.
Cajoo was one of the first companies to offer a quick commerce service in France in 2020. It quickly developed in major French cities and joined forces with Carrefour to pursue its development. But the young shoot has raised much less money than its competitors Gorillas, Gopuff and Getir. Less than 50 million euros against hundreds for the latter. Gorillas even collected more than 800 million euros as part of a fundraising campaign completed in September 2021. It is difficult to continue alone in this context, while the quick trade market is akin to a race for funds to water consumers of advertising and promotions. Earlier this year, it was Frichti and Kol who had paid the price for this situation. Frichti was taken over by Gorillas, while Kol went bankrupt.
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