Voli

What Voli does

Voli Trade d.o.o. is the largest food retailer in Montenegro, founded in 1995 and headquartered in Podgorica. The company operates a multi-format retail platform spanning Voli hypermarkets and supermarkets, Naš diskont discount stores, and six branded restaurants (Bar 11, 12, 49, 61, 80, 90), serving more than 60,000 customers daily through 2,000+ employees. Beyond consumer grocery, Voli runs a HORECA wholesale division supplying more than 700 hotels, restaurants, and cafés across central, southern, and northern Montenegro, plus a B2B portal, and is the official BMW and MINI representative in the country through Voli Motors. The company also owns the Naša farma domestic pork brand, the Naša bašta fresh-produce brand sourced from a 70-hectare agricultural estate in Šas (Ulcinj) with 4 hectares of IPARD-funded greenhouses, and the Slatko srce traditional-cake brand, with distribution rights for international FMCG labels such as Carnex, Plantaže, Pionir, Zott, and Vindija.

Voli's revenue model is primarily transaction-based across four streams: B2C grocery sales through owned retail stores; B2B HORECA wholesale supply; restaurant and food-service operations; and exclusive distribution of third-party brands. Technology and infrastructure include a 7,000 m² existing logistics distribution center with temperature-controlled storage, computer tracking systems, and an integrated gas station; a 25,600 m² modern logistics and distribution center under construction in Podgorica, financed by up to €25 million from the EBRD in December 2025; and a €4 million EBRD-backed solar panel and EV-charging installation from June 2023. The customer-facing surface combines a nationwide physical store network, the voli.me e-commerce site, the VRH kartica loyalty program, and the Voli magazine.

Go-to-market is dual-channel: direct-to-consumer through Voli and Naš diskont brick-and-mortar stores, complemented by sales-led HORECA wholesale with a dedicated sales team covering central, southern, and northern Montenegro. The customer base is highly diversified across mass-market individual consumers (60,000+ daily) and 700+ HORECA commercial buyers, with no single anchor customer disclosed. Pricing is not publicly disclosed; promotional campaigns and the Voli Cijene price-saving program are the primary pricing levers. Management is led by Dragan Bokan as President of the Board and Dušanka Đurović as Executive Director, with a broader executive board including technical, financial, retail, commercial, and wholesale directors.

Name

Voli

Legal name

Voli Trade d.o.o.

Website

https://kompanija.voli.me

Company type

Private

Founded year

1995

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Voli Trade d.o.o. is Montenegro's largest food retailer, operating hypermarkets, supermarkets, discount stores, six branded restaurants, HORECA wholesale distribution, and own-brand agricultural production. It serves 60,000+ daily consumers and 700+ HORECA buyers through 2,000+ employees.

Ownership category

akta.pro rank

Product category

Food Retail

NAICS

Fresh Fruit and Vegetable Merchant Wholesalers (424480), Other Specialty Food Retailers (44529), All Other Specialty Food Retailers (445298)

SIC

Retail-Food Stores (5400), Wholesale-Groceries & Related Products (5140)

akta.pro primary industry

Foodservice / HORECA Produce Wholesale (AFAIACAI)

akta.pro secondary industries

Ethnic/International Bulk & Wholesale Grocers (CRAHAMAE), International Specialty Ingredients & Import Markets (CRAHAFAL)

Keywords

• Food retail
• Grocery distribution
• Wholesale supply
• Restaurant operations
• Agricultural production

Headquarters

HQ city

Podgorica

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Supply Chain, Infrastructure, Marketing or Sales

Revenue model

1. Retail Grocery Sales: Sale of food and consumer goods through Voli hypermarkets, supermarkets, and discount stores throughout Montenegro
2. HORECA Wholesale Distribution: Wholesale supply to hotels, restaurants, and cafes covering central, southern, and northern regions with over 700 annual buyers
3. Brand Distribution: Exclusive distribution of international brands including Carnex, Plantaže, Pionir, Zott, Vindija, and others
4. Restaurant Operations: Operation of multiple restaurants including Bar 11, Bar 12, Bar 49, Bar 61, Bar 80, and Bar 90

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Voli operates Montenegro's largest food retail chain, selling groceries and consumer goods through Voli hypermarkets and Naš diskont discount stores across the country. The company also runs a HORECA wholesale division supplying hotels, restaurants, and cafes with a dedicated B2B portal and over 700 annual buyers, complemented by a six-location Bar restaurant chain, own agricultural production (Naša bašta and Naša farma), and a Slatko srce pastry brand.

Product overview

Voli is Montenegro's largest food retailer operating a multi-format retail platform consisting of Voli and Naš diskont supermarket chains, complemented by specialized sub-brands and services. The core offering includes hypermarkets and supermarkets, supported by proprietary food brands Naša Bašta (fresh produce from their 70-hectare Šas estate), Naša Farma (domestic pork), and Slatko Srce (traditional cakes and pastries). Value-added services include HORECA wholesale (B2B), HORECA Center restaurant chain (6 locations), Take&Go Izvolite fresh food counters, the Voli Club loyalty program with VRH kartica, and an e-commerce platform. The portfolio also includes a published magazine, price-saving programs, and B2B ordering portals. The company operates its own 7,000m² logistics distribution center and agricultural estate, integrating vertical supply chain capabilities.

Differentiator

Problem solved

Functional benefit

Brands

• Naša farma: Domestic pork farm producing strictly controlled, top quality pork products.
• Naša bašta
• Slatko srce
• Izvolite / Take&Go
• Bar 11
• Bar 12
• Bar 49
• Bar 61
• Bar 80
• Bar 90
• HORECA Centar
• Voli Motors
• Budućnost Voli
• VRH kartica
• Voli magazin

Products and services

• Voli Markets Hypermarkets and supermarkets under the Voli brand, plus the Naš diskont discount store chain, selling food and consumer goods across Montenegro. Targeted at individual household consumers.
• HORECA Center Wholesale supply service for hotels, restaurants, and cafes offering a wide range of food and beverage products at competitive prices, with coverage across central, southern, and northern Montenegro and over 700 annual buyers.
• Naša Farma Domestic pork brand from Voli's own pig breeding operations, offering various cuts and specialty items strictly controlled for quality and original taste. Sold in Voli markets.
• Naša Bašta Fresh produce brand grown on Voli's own 70-hectare estate in Šas, Ulcinj, including fruits, vegetables, and herbs produced with minimal chemical use and marketed for freshness and taste.
• Slatko Srce Traditional homemade-style cake and pastry brand featuring tortes, various pastries, and seasonal specialties sold in Voli stores.
• Izvolite (Take&Go) Quick-service food counter inside Voli stores offering coffee, freshly squeezed juices, smoothies, fresh fruit and vegetable salads, and barbecue specialties.
• Bar Restaurants (Bar 11, Bar 12, Bar 49, Bar 61, Bar 80, Bar 90) Chain of six restaurants across Montenegro offering traditional and contemporary cuisine, ranging from casual to fine dining. Locations include Bar 11 (Radanovići), Bar 12 (Podgorica), Bar 49 (City Kvart), Bar 61 (Podgorica), Bar 80 (Danilovgrad), and Bar 90 (Igalo).
• Voli Motors (BMW and MINI Dealership) Official BMW and MINI sales and service center in Montenegro, representing the BMW Group brands.
• Voli Online Shop E-commerce platform at voli.me enabling customers to shop online with delivery and pickup options.

Quantifiable outcome

• Serving over 60,000 customers daily with 2,000+ employees
• +2 more outcomes

Named customers3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Nine partnerships are on record, tiered core and minor.

• BMW GroupcoreChannel Partner/ Reseller/ DistributorVoli Motors - BMW and MINI sales and service center operating as official representative for BMW Group in Montenegro. BMW Group operates 24 production facilities in 13 countries with sales network in over 140 countries.
• CarnexminorChannel Partner/ Reseller/ DistributorExclusive distributor of Carnex products from Vrbas, Serbia
• PlantažeminorChannel Partner/ Reseller/ DistributorExclusive distributor of Plantaže wines and agricultural products from Montenegro
• PionirminorChannel Partner/ Reseller/ DistributorExclusive distributor of Pionir products from Subotica
• ZottminorChannel Partner/ Reseller/ DistributorExclusive distributor of Zott dairy products
• VindijaminorChannel Partner/ Reseller/ DistributorGeneral distributor of Vindija products from Croatia
• KK Budućnost VoliminorStrategic or Co-development PartnerSponsorship and support for basketball club Budućnost Voli as part of community engagement
• Montenegro Red CrossminorStrategic or Co-development PartnerCorporate social responsibility partnership with Montenegro Red Cross for humanitarian activities
• UNICEFminorStrategic or Co-development PartnerPartnership with UNICEF for social responsibility initiatives

Scale indicators13 records

Recent moves12 records

Expansion highlights6 records

Broad incumbents

• Lidl: German-headquartered discount grocer actively expanding across the Western Balkans including Montenegro. Directly threatens Voli's discount sub-brand and price positioning.
• Mercator: Slovenian-headquartered multi-format retailer with significant Balkan grocery presence. Comparable integrated retail-wholesale grocer in former-Yugoslav markets with national scale.

Regional players

• Veropoulos: Greek supermarket chain with historical Balkan presence, comparable as a regional grocery and wholesale operator in the broader Adriatic/southeast European market.
• Interex: North Macedonian grocery retailer with multi-format stores and wholesale operations. Comparable regional Adriatic/Balkan grocery and HORECA supplier at smaller national scale.

Direct peers

• Konzum: Croatia's largest grocery retailer operating supermarkets and wholesale distribution across the Adriatic region. Highly comparable as a multi-format grocery and HORECA supplier with private-label brands and exclusive distribution partnerships.
• Tommy: Croatian grocery chain with strong HORECA wholesale division and integrated logistics. Closely comparable to Voli in combining retail, wholesale, own production, and Adriatic/Western Balkans geographic focus.
• Studenac: Croatian supermarket chain with hundreds of stores across Croatia and growing Adriatic presence. Comparable as a regional grocery retailer expanding multi-format retail and private labels.
• IDEA (Delta Holding): Serbian supermarket chain operated by Delta Holding, one of the largest grocery retailers in Serbia with own logistics and exclusive brand distribution. Comparable multi-format retail-wholesale model in the Western Balkans.
• Maxi (Delhaize Serbia): Major Serbian grocery retailer part of Ahold Delhaize Group, operating supermarkets, hypermarkets, and discount formats. Comparable large-scale Balkan grocery retail with wholesale supply chain.

Emerging players

• EuroSpin: Italian discount grocery chain expanding into Western Balkans markets. Comparable as a low-price grocery competitor that pressures incumbent retailers like Voli on price-led share.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Voli.Trade
• LinkedInlinkedin.com/company/voli-trade
• Instagraminstagram.com/volivas_voli

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Voli