Rappi raises USD 500 mln at a USD 5.25 bln valuation

Tuesday 20 July 2021 13:20 CET | News

Rappi has raised over USD 500 million, at a USD 5.25 billion valuation, in a Series F round led by T. Rowe Price.

According to TechCrunch, the new financing brings the company's total raised since its 2015 inception to over USD 2 billion. The country has operations in nine countries and more than 250 cities across Latin America. Its last raise was a USD 300 million funding round in September of 2020.

Rappi focused on delivering beverages at first, and has since expanded into meals, groceries, tech goods, and medicine. The company also offers a cash withdrawal feature, allowing users to pay with credit cards and then receive cash from one of Rappi’s delivery agents, TechCrunch stated.

In addition to traditional delivery, users are enabled to get products delivered in less than 10 minutes, can access financial services, as well as ‘whims,’ and ‘favors.’ Whims allow users to order anything available in their coverage area, while favors offer an array of custom services, such as running an errand, going to the hardware store or picking out and delivering a gift. Both products allow users to connect directly with a courier, the company's officials reported.

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Keywords: Rappi, funding, ecommerce
Categories: Payments & Commerce
Countries: Latin America
This article is part of category

Payments & Commerce