Mercado Livre will invest US$3.4 billion in Brazil by 2022, a 70% increase

RIO DE JANEIRO, BRAZIL – Mercado Livre on Tuesday announced a forecast of R$17 billion (US$3.4 billion) in investments in Brazil in 2022, a 70% year-on-year growth.

The company said in a statement that the investment is part of its strategy of growth and consolidation of business in the country.

In addition, the retailer said a significant portion of the amount will go toward expanding the offerings of Mercado Pago, the group’s fintech.

In February, Mercado Livre announced the expected opening of four new distribution centers in Brazil in 2022, all in the state of São Paulo, which could double the company’s parcel delivery potential in the country.

With information from Reuters