Brazilian multi-channel retailer Magalu raised $130M from the International Finance Corporation (IFC). The financing includes a $100M loan from IFC’s account and up to $30M from other investors.
Magalu is a retail company that offers a wide range of products, including furniture, electronics, appliances, and computers.
With the funds, Magalu plans to increase its e-waste collection and recycling efforts more than fivefold over the next five years. The investment will also support the growth of micro, small, and medium-sized enterprises (MSMEs) and boost the representation of women in its technology department.
“Our investment in Magalu underscores IFC’s commitment to supporting digital transformation and sustainable development in Brazil. By enhancing Magalu’s technology infrastructure, we aim to drive inclusive growth and environmental sustainability and promote the generation of more qualified jobs in the Brazilian retail sector,” said Manuel Reyes Retana, IFC Regional Director for South America.
Magalu operates more than 1,250 stores across 20 states in Brazil. It also runs six online brands: Netshoes, Zattini, Época Cosméticos, Estante Virtual, and KaBuM!, along with 360,000 sellers on its marketplace and the food delivery platform aiqfome.
Read more on the International Finance Corporation