In one of Latin America’s largest deals, Movile raises $400 million for its iFood delivery business | RetailTechPodcast

In one of Latin America’s largest deals, Movile raises $400 million for its iFood delivery business

The Brazilian technology conglomerate Movile has just raised one of the largest rounds ever recorded for a Latin American startup, pulling in an additional $400 million for its iFood subsidiary from existing investors, including Naspers and Innova Capital. The company is on its way with estimated revenues more than $240 million and more than 150 million monthly active users. iFood alone recorded 10.4 million delivery orders for the month of October and the growth of the business is nothing short of explosive. The company's 10.8 million monthly orders have fed 9 million Brazilian customers, and iFood boasts a network of 50,000 restaurants and 120,000 couriers. Delivery is central to Movile's expansion plans and it serves as a gateway to many of the company's other business lines. Now it counts the payment business Zoop, delivery company Rappido and the ticketing business Sympla among its many and varied business units. In an interview onstage at TechCrunch's Startup Battlefield Latin America event last week, Bloisi attributed the company's success to its aggressive mergers and acquisitions strategy across the region and an ability to rapidly spin up and shut down business units as it experimented with what could work for Latin American consumers. Read more