LatAm List – iFood, the food delivery giant owned by Brazil’s tech giant Movile, plans to expand operations into retail throughout Brazil and increase sales in 2020.
iFood is one of many food delivery apps currently competing in the Brazilian market alongside 99 Food, Uber Eats, and Rappi. However, the app reports that orders increased 116% to 26.6 million in November, with over 886,000 daily orders.
Diego Barreto, Chief Financial Officer at iFood, announced that iFood is now looking to increase the number of supermarkets served by its platform from 200 to 1,000 in the coming year. The company will continue to focus on food delivery, but with additional services in retail and online delivery with supermarkets.
The plan coincides with large supermarket chains such as GPA beginning to invest more into online-deliveries, providing more business for delivery apps such as iFood.
Last year, the company received an investment of $500M from Naspers and Innova Capital and has since been growing operations. Through improved artificial intelligence systems, iFood has successfully increased orders and delivery rates and remains at the head of the Brazilian food delivery market.
Read more on Reuters.
