Prosus had been an investor in the firm since 2008 and was the majority shareholder of Movile, Prosus said yesterday. File photo.
Prosus had been an investor in the firm since 2008 and was the majority shareholder of Movile, Prosus said yesterday. File photo.

Movile receives R2.8bn investment from Prosus

By Philippa Larkin Time of article published Aug 3, 2021

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MOVILE, one of Latin America’s leading and longest-standing investors in and growth accelerators for technology companies, has received a BRL$1 billion (about R2.8bn) investment from Prosus, the international internet assets division of South African multinational Naspers.

Prosus had been an investor in the firm since 2008 and was the majority shareholder of Movile, Prosus said yesterday.

The new funds would go towards expanding Movile’s current companies, including iFood, a leading foodtech company and one of the biggest tech success stories to date in Latin America; MovilePay and Zoop, two of Brazil’s leading fintechs; and Mensajeros Urbanos, a Colombia-based logistics company that was growing fast in Mexico and other Latin American countries. Movile also plans to invest in new tech start-ups in Brazil and across Latin America.

Roger Rabalais, the chief financial offer of Prosus Food and Movile board chairperson, said: “Movile’s successful track record is due to an innovative culture and business vision. They are a strategic investor with solid knowledge and expertise in the Latin American market, which brings a lot of value to people, culture, management, finance and performance.”

Online sales are soaring throughout Latin America, with e-commerce sales having grown 36.7 percent in the region last year, resulting in the need for more and better logistics offerings.

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