Globe Telecom, Inc. said it is on track for its expansion into a digital solutions platform, as its units reported robust growth last year.
“Using our core [telecommunications] business and spurred by rapid consumer digital adoption, we are doubling down on the shift to become a digital solutions platform. Globe currently offers several diverse high-growth enterprises in healthtech, fintech, adtech, e-commerce, e-learning, and entertainment, among others,” Globe President and CEO Ernest L. Cu said in a statement.
Globe’s digital advertising agency AdSpark reported a 32% increase in revenue to P1.2 billion in 2021.
The company also said its loyalty solutions provider Rush posted over 100% revenue growth in 2021, but did not provide exact figures. Its user base is now at 3.8 million.
Online grocery shopping platform PureGo registered sales growth of over 75% in 2021. PureGo is a partnership with Puregold Price Club, Inc.
All three are portfolio companies under 917Ventures, a wholly-owned subsidiary of Globe.
Globe said that its mobile wallet app GCash and telehealth service platform KonsultaMD also saw “stellar” growth last year.
Mr. Cu said these units can replicate the success of Globe Fintech Innovations, Inc. or Mynt, the fintech startup that operates Gcash.
“I think we’re seeing significant progress. We do think that telco continues to be a very viable platform and a good springboard for new businesses to develop much like what we’ve done with Mynt,” he said.
Globe shares dropped by P88 or 3.16% to close at P2,700 each on Friday. — Luisa Maria Jacinta C. Jocson
