Narayan AmmachchiLatin America’s mobile app maker Movile has raised US$55 million in funding to build an e-commerce platform that will allow mobile users to purchase goods online. Innova Capital and Naspers lent US$35 million, while FINEP – a unit of Brazil’s Ministry of Technology – gave US$20 million.
Movile said it would use the proceeds to hire new talent and build and innovate an online2offline (O2O) e-commerce platform. O2O refers to a transaction that begins online (via desktop or mobile) and concludes with the receipt of goods or services offline.
By connecting pre-shopping activities — like finding stores and browsing products — to the actual purchase of goods and services, shoppers can complete the entire purchase cycle in just a few taps of their smartphones, says the firm.
With more than 30 million monthly active users, Movile is one of Latin America’s largest mobile commerce platforms. It has over 400 employees and is connected to over 40 carriers that collectively have 700 million mobile subscribers.
The Sao Paulo-based company first debuted its content and payment applications for mobile phones 15 years ago and has continued to broaden its mobile offerings ever since. It’s best known app is PlayKids, one of the top grossing apps for kids globally.
Movile entered the mobile app-making business after it combined Central do Delivery and iFood. Over 60% of iFood’s orders now come from smartphones, up from 7% prior to Movile’s involvement, according to the Brazilian company.
“iFood’s quick success after embracing and optimizing for mobile is one example of the incredible potential of mobile online2offline commerce,” stated the company in a press release.
Movile recently welcomed on board Apple’s former senior designer Everaldo Coelho and says it is hunting for new talent to bolster its operations.
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