Launching a successful startup in Libya, a country beset by political instability and economic challenges since the 2011 assassination of Muammar Gaddafi, is no small feat. With limited access to capital and investors hesitant to take risks, building a new business in Libya is particularly challenging.
Ammar Hmid, the CEO of Presto, a Libyan food delivery app, managed to overcome these obstacles. Since launching the company in Tripoli in 2020, Presto has grown into one of the largest food delivery platforms in North Africa, according to Rest of World, a newsletter highlighting global tech stories.
Presto now boasts over 2,000 merchants, 24,000 delivery drivers, and its app has been downloaded about a million times. The company is profitable and expects to surpass $1 million in net profits this year.
While Spain’s Glovo remains a dominant player in the North African market, Presto has made significant strides in Libya and is setting itssights on regional expansion.
“We are planning to expand into Tunisia by the beginning of next year and Morocco by the end of next year,” Hmid told Rest of World. “We are confident that by 2026, our gross merchandise value (GMV) will surpass Glovo's in the North African region.”
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