Nordic online grocery rivalry: Oda overtaking Mathem

Source: Kinnevik quarterly report

Swedish online grocery pure player Mathem used to be the significantly bigger than it’s Norwegian counterpart Oda. In 2018 Mathem was 40% bigger.

However, for Mathem the decline of growth after the pandemic has continued for three quarters. As a result of that Mathem’s trailing 12 month revenue has declined for about 10%.

In the meantime Oda has continued to grow, albeit at a relatively low pace. This has led Oda to surpass Mathem in revenues.

In Q1/2022 Oda was about 5% bigger in revenues and about 90% bigger in Fair value.

The gap between Oda and Mathem is likely growing faster in the future as Oda’s Finnish operation (and subsequently the German operation) starts to gain traction.

Both are trailing quite significantly the danish Nemlig, the biggest pure play online grocer in the Nordics. Nemlig has revenue of around 300 M€.