Narayan AmmachchiColombian delivery app Rappi is reportedly set to expand operations to nearly 100 new cities around the world by the end of this year.
Rappi is currently operating in 55 cities across seven Latin American countries including, Brazil, Argentina, Chile, Colombia, Mexico, Peru and Uruguay.
The news comes barely three months after the Colombian firm received US$1 billion in venture capital from Japanese investment group Softbank, setting a milestone in the region’s startup scene.
Rappi is in talks to ally with at least 10 other SoftBank-backed firms in various sectors including healthcare, travel as well automaton, reported Reuters, citing the company’s President Sebastian Mejia.
Considering the report, Rappi may even branch out into fintech and banking.
Founded in 2015 by Colombian entrepreneurs Sebastián Mejía and Simón Borrero, Rappi has been a runaway regional success, having achieved 20% monthly growth last year.
It started with a mere US$2 million but grew into a Unicorn on the LatAm startup scene in matter years. Armed with thousands of bicycle couriers, the Colombian firm offers the doorstep delivery of goods, from fruit and groceries to toiletries and cosmetics.
Softbank wants the Colombian startup to expand around the globe by adopting the best strategies and the best practices of its portfolio firms.
American ridesharing firm Uber and China’s e-commerce giant Alibaba and Didi Chuxing are also among Softbank’s portfolio firms, and all of which have significant operations in Latin America.
Add comment