Brazil Is In The Spotlight for Latin-American Unicorns: The Country Is Becoming the Most Important Market for Rappi
Becoming a unicorn is the big dream of every startup. Rappi not only gots there but also is going even further. The Colombian delivery service has recently won the largest investment ever made in a Latin-American startup and Brazilian market is now playing a special role in the growth strategy of Rappi.
In an interview for Valor Econômico, Sebastian Mejía, co-founder of Rappi, said that “the volume of sales is increasing 30% per month and Brazil will be the most important market for us in a few months“. The expectations about the company expansion in the country are emerging from 20 cities served today, to 70 Brazilian cities with active Rappi services.
Taking into account the current Brazilian landscape isn’t that hard to find why Rappi is growing so fast in the country. Being the first economy in Latin America, Brazil has proved itself as not only a profitable market for physical goods but also a land of early-adopters for new technology solutions. Not by coincidence, the foreign investment in Brazilian startups increased by 51% in 2018.
Although Brazil is going through a slow but steady economic recovery, on the other hand, technology market is booming. As Paulo Veras, founder of the Brazilian ride-hailing unicorn 99 said in an interview for Época Negócios, “the market never had so much money for startups”, Rappi isn’t ignoring this fact and is taking advantage of it while the market isn’t saturated yet. If you want to follow their steps to success, you should not ignore the business opportunities of this moment in Brazil as well.