RIO DE JANEIRO, BRAZIL – Rappi has raised over US$300 million (R$1.6 billion) in a new round of investment involving international funds, such as the American T. Rowe Price Associates. With the new injection, the Colombian platform that delivers meals, supermarket items, and even purchases in pharmacies and pet shops, has already raised over US$1.7 billion in investment capital.
The news was initially released by Reuters news agency, which recalled that the company had announced on September 18th in a notice to the US Securities and Exchange Commission (SEC) its intention to raise US$350 million in a new investment round.
The exact amount of investment and the names of all those involved in the contribution have not yet been disclosed. In a note, the company only confirmed that the figure is over US$300 million and mentioned the participation of the T. Rowe Price Associates fund.
“It is a great pleasure to work with this team of investors that trusts our growth model”, stated Rappi in a communiqué. The company has not specified what it intends to do with the money raised, but the amount is expected to be invested to boost business in the nine Latin American countries in which the company operates.
The most recent capital injection in Rappi’s operation is sure to give even more room for the company in the dispute for the Brazilian market. In Brazil, the company has as its main rivals iFood, also valued at over US$1 billion, and Uber Eats . However, Rappi offers a wider range of options on its platform than do its competitors.
In recent months, the company has begun to invest more in the diversification of services offered. With the goal of becoming a super App, Rappi has added live streams (with built-in purchases) and ticket sales.
Founded in Bogotá, Colombia in 2015 by Felipe Villamarin, Sebastian Mejia, and Simon Borrero, Rappi achieved unicorn status in 2018. In late June, the company was valued at US$3.5 billion, according to the German consultancy Statista. With one more investment, Rappi should raise its market value.
Source: Exame