A Brazil based technology conglomerate known as Movile has just raised funds amounting to $400 million. This round was led by existing investors including Naspers and Innova Capital.
The funds have basically been raised for its iFood subsidiary. The company was founded by chief executive officer Fabricio Bloisi which began as a digital content studio for mobile device and now has grown into a mobile services and content empire with aspirations of reaching 1 billion people.
The company claimed to have estimated revenues over $240 million and over 150 million monthly active users. iFood alone recorded 10.4 million delivery orders for the month of October.
According to the repors, iFood received 390,000 orders per day in Brazil in the last weeks of October accounting for 109% growth as compared to 183,000 from October 2017.
“Movile is very fortunate to have long-term investors who have supported us for the past decade to help achieve our goal of transforming the lives of more than one billion people and thus we are able to continually back iFood to ensure it remains the market leader,” said Fabricio Bloisi, the company’s chief executive.
Bloisi attributed the company’s success to its aggressive mergers and acquisitions strategy across the region and an ability to rapidly spin up and shut down business units as it experimented with what could work for Latin American consumers.
“Our entire ecosystem of companies is focused on allocating resources and energy towards our one billion people goal, and iFood is leading the way fueling unprecedented growth through its innovative technology platform, providing consumers, couriers and restaurants with the best experience in food ordering and delivery,” he added.
Delivery is central to Movile’s expansion plans and it serves as a gateway to many of the company’s other business lines.