The new investment was buoyed by existing investors, with G Squared leading the round and GGV Capital, Tiger Global Management, and HV Capital participating. In total, JOKR has raised USD 480 million in equity and debt since being founded in 2021.
Company officials went after the new funding to make sure that they have a fully funded business plan and that they can become fully self-sustainable and don’t have to be more dependent on external capital.
It has indeed been quite a roller coaster ride for the company in 2022. In its report, The Information said that JOKR was losing USD 10 million a month. JOKR confirmed the company is ‘still losing money,’ but that this figure included countries and cities in which it no longer operates, so the losses have narrowed to single-digit millions of dollars each month currently.
JOKR hit gross-profit status in April 2022, but was swept into the challenging economic environment that affected the instant grocery delivery sector, stemming in part by people returning to grocery shopping in person as the pandemic eased, a slowdown in venture capital investments ,and the war in the Ukraine.
As such, at the beginning of summer 2022, the company cited ‘global economic uncertainty’ as the reason for announcing it would shutter its New York and Boston deliveries. Then in February 2023, it officially left Colombia after previously closing locations in Medellin, Santiago, and Chile in November 2022. The company continues to operate in Brazil, Mexico, and Peru, but is discussing strategic options for both markets to foster its focus on the Brazilian market.
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