- Mercado Livre overcame Twitter and are now the 1st Latin American company to be among the world’s top 30 tech companies in terms of market value
- According to the report, the value of Mercado Livre reached USD 30 billion last week, while Twitter’s was USD 29 billion.
- According to Reuters, the ecommerce and financial services group value increased by 113% – against 30.4% growth of the social media company.
For the first time ever, Latin America is in the top 30 largest tech companies in the world – thanks to ecommerce and financial services group Mercado Livre.
Data comes from the latest edition of the Mary Meeker Internet Trends 2019 sector report. Among the top 30 companies in the ranking, eighteen are based in the US and seven are Chinese. Japan, Canada, Australia and Sweden also feature on the report, with one player each.
The top 4 is led by well-known players Microsoft, with USD1 trillion, followed by Amazon (USD 888 bi), Apple (USD 875 bi) and Alphabet (USD 741 bi).
According to the report, Mercado Livre reached USD 30 billion in market value last week, while Twitter was valued in $29 billion.
Founded in Argentina, 1999, Mercado Livre has more than 270 million users and 12 million sellers in 18 Latin American countries. In 2019, the group has bet on its financial services venture Mercado Pago to lead the business expansion in its main market, Brazil.
The company has the challenge of improving online shopping experience and “ensuring that Latin America comes closer to the level reached by other markets, such as the US, where ecommerce represents 12% and China, where it already reaches 20% of all retail“, said Stelleo Tolda, Operations VP to Reuters.
Earlier this week, the Argentinian company already announced keen investments in logistics in Latin America, opening three new distribution centers in Argentina, Brazil and Mexico to cut delivery times and become even more competitive.