LatAm List – Mexican delivery startup, 99 minutos, recently announced its acquisition of MuvSmart, a Chilean last-mile delivery company that will help them enter the local market.
This acquisition is part of 99 minutos’ expansions strategy funded by ENGIE Factory Mexico. Their goal is to become the leading provider of last mile services in the Latin American region using electric vehicles.
“Since our partnership with the ENGIE group we’ve grown exponentially in Mexico, so naturally the next step in our quest to become leaders in the sector in Latin America was to expand into another country. We decided to do it in Chile through the MuvSmart acquisition due to both teams sharing the same goal to offer eco-friendly services. The decision in large part had to due with the fit between both teams, since we both share the same vision and objectives,” said Alexis Patjane, 99 minutos’ CEO.
ENGIE Factory Mexico made an additional investment to help consolidate the startups’ presence in Chile and to acquire marketshare.
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