LIBYA - Libyan grocery delivery app Presto has reported a notable upturn in its Q3 2024 financial performance, revealing a 124% increase in revenue compared to the same period last year, driven by an expansion in services and user engagement. 

Presto’s Gross Merchandise Value (GMV) saw a parallel 121% rise, while order volume increased by 95.8%, signifying steady growth in the country’s on-demand shopping environment.

Founded in Tripoli in 2020, Presto has quickly established itself as a notable player in North African on-demand services, trailing only Glovo in regional scale. The app offers Libyan consumers an efficient solution for ordering groceries and restaurant meals from their phones, tapping into a growing market of young, tech-savvy users who prioritize convenience and immediacy. 

By the end of Q3 2024, the app’s active users had nearly doubled, rising from 107,901 in 2023 to 200,835 this year. This growth exhibits  an expanding market of Libyan consumers, for whom on-demand access to groceries and essentials has become a standard.

The surge in demand has prompted Presto to scale its driver network, which grew by 70.6% year-over-year. 

As of Q3 2024, Presto employed 9,764 drivers—up from 5,722 the previous year.. Many of these drivers also hold roles in the public sector, a unique aspect of the Libyan market where cash payments are preferred, prompting Presto to establish exchange points for drivers to remit payments.

This expansion aligns with the ongoing retail growth in Libya. Global brands are increasingly investing in the market, with the opening of a Casino hypermarket in Benghazi expected in the coming months through a partnership with local firm Husni Bey. 

Launched with an initial US$3 million in funding, Presto has since avoided additional capital raises, relying instead on its operational growth and its tailored approach to the Libyan market. 

The app’s recent performance cements its position in the region, as the North African digital economy continues its steady upward trajectory.