Oda vs Mathem: two major Nordic online grocers

Nemlig, Oda and Mathem are the three biggest Nordic online grocers. Kinnevik is a major investor behind both Oda and Mathem. Thus, Kinnevik quarterly reports shed interesting light on how the two major online grocery pure players are performing.

Nemlig is clearly the biggest Nordic online grocer with over 400 M€ in revenue. For long Mathem was quite clearly the second biggest. At the end 2018 Mathem was 40% bigger than Oda. However, since then Oda has been growing more rapidly.

Oda’s response to the Covid pandemic has been much better than Mathem’s.

In 2020 Oda’s revenue grew by 75%, whereas Mathem was able to grow “only” by 56%. Also after the biggest pandemic influence faded during 2021, Oda was able to maintain significantly higher growth (on top of the big 2020 growth).

In 2021 Oda grew by 36%, whereas Mathem was left at 11% growth. In fact, Mathem’s revenues declined (like many other online grocers) during the second half of 2021, because of the heavy comparison numbers from 2020.

Thus, by the end of 2021 Oda had caught up Mathem in revenue.

Because of it’s active internationalisation, in 2022 Oda will most likely grow faster than Mathem and become much bigger. The launch in Finland has been a huge success for Oda.

As Oda opens operations in Germany, it will most probably surpass Nemlig also to become the biggest Nordic online grocer.