IFood explained

iFood
Type:Privately held company
Founder:Eduardo Baer
Felipe Ramos Fioravante
Gabriel Pinto
Guilherme Bonifacio
Michel Eberhardt
Patrick Sigrist
Hq Location City:São Paulo
Hq Location Country:Brazil
Owner:Movile, part of Prosus (Naspers)
Website: (Brazil)

iFood is a Brazilian online food ordering and food delivery platform, operating in Brazil and Colombia. The company holds over 80% market share of the food delivery sector in Brazil.[1] It is owned by Dutch-based Prosus (part of Naspers) and its Brazilian investment firm Movile.[2]

It merged its businesses in Argentina and Colombia with rivals PedidosYa in August 2018 and Domicilios.com in March 2021 respectively, brands of Delivery Hero which is also owned by Prosus.[3] [4] It operated as SinDelantal in Mexico until December 2020.[5]

Currently, iFood holds 83% of the meal delivery market in Brazil[6] [7] and is the subject of proceedings by CADE.[8] [9] [10] A survey by the Brazilian Association of Bars and Restaurants (ABRASEL) pointed out that orders made by the platform are on average 17.5% more expensive for the consumer, compared to the same order made directly at the restaurant.[11]

History

iFood was founded in 2011 by Patrick Sigrist, Guilherme Bonifacio, Eduardo Baer and Felipe Fioravante.[12] [13] Movile owns iFood as a subsidiary, with Just Eat owning a 33% stake in iFood until 2022.[13] Naspers provided funding when iFood had just started.[13]

It serves customers in Brazil and Mexico.[14] It connected 15,000 restaurants to customers who collectively placed four million orders every month in 2018.[14] iFood had £123.8m in sales, making it 16 times larger than the next largest delivery company in the region in 2018.[13] iFood has 80% of the market share in Brazil of food deliveries and according to the book Business Despite Borders, "iFood became a synonym of food delivery in Brazil."[14]

In August 2018, PedidosYa acquired the Argentinian business.[15] [16] In March 2021, the merger of the Colombian subsidiary with PedidosYa was approved.[17]

In September, it acquired the São Paulo startup SiteMercado, an e-commerce platform focused on markets and grocery stores which it has partnered with since 2019.[18] [19]

On 19 August 2022, Just Eat Takeaway.com sold its 33% stake in iFood to Prosus for €1.8 billion.[20] [21] This follows years of talks of Just Eat Takeaway selling their share in the company since 2020.[22]

On 21 November 2022 iFood ended operations in Colombia,[23] the decision was a business strategy due to the moment in the capital market.

iFood broke sales records during the FIFA World Cup in Qatar, where more than 8 million orders were placed on the app over the weekend of December 2-4, the best mark in 2022. Thus, the first weekend of December not only had the most orders in 2022, but also surpassed the weekends of 2021.[24]

External links

Notes and References

  1. Web site: Insights . Measurable AI . 2021-09-07 . 2021 Brazil Food Delivery: iFood continues to lead with over 80% Market Share . 2022-06-25 . Measurable AI . en.
  2. News: Alves . Aluisio . Brazil delivery app iFood focusing on growth, not profits, says CEO . Reuters . 1 September 2022 . en.
  3. News: 2020-04-08 . Brazil delivery startup iFood buys Colombian rival Domicilios.com . en . Reuters . 2022-06-25.
  4. Web site: 2021-03-31 . iFood and Domicilios merge approved by Colombia's Superintendency of Industry and Commerce . 2022-06-25 . LatamList . en-US.
  5. News: 2020-11-04 . Delivery app SinDelantal, facing tough rivals, to close in Mexico . en . Reuters . 2022-06-25.
  6. Web site: 2023-01-18. 2021-09-07. en-US. 2021 Brazil Food Delivery: iFood continues to lead with over 80% Market Share. Measurable AI.
  7. Web site: 2023-01-18. 2022-01-13. pt-BR. Fim do Uber Eats: iFood se tornou monopolista no Brasil?. tecmundo.
  8. Web site: 2021-09-24. 2020-11-13. pt-BR. Guerra de aplicativos: Rappi vai ao Cade contra o iFood. O Globo.
  9. Web site: 2023-01-18. 2022-09-07. pt-BR. Exclusividade de apps prejudica o mercado. ISTOÉ DINHEIRO.
  10. Web site: 2023-01-18. 2022-08-16. pt-BR. Rappi vai apresentar mais queixas contra iFood no Cade. Metrópoles.
  11. Web site: 2023-01-18. 2022-10-14. Comida no iFood fica 17,5% mais cara do que no restaurante, diz Abrasel. Abrasel.
  12. da Silva Monty . Renata Cristina . 2018-07-25 . Creative Economy: how the interface of Uber Eats and iFood could change your menu . Brazilian Journal of Operations & Production Management . . 2237-8960 . 15 . 3 . 413–419 . 10.14488/BJOPM.2018.v15.n3.a8 . 2021-04-18 . free .
  13. News: Meddings . Sabah . 2019-12-01 . Just Eat is a tasty starter for iFood, the Brazilian main course: The takeaway pioneer's real appeal is its South American stake . . 2021-04-18 . https://archive.today/20210418093616/https://www.thetimes.co.uk/article/just-eat-is-a-tasty-starter-for-ifood-the-brazilian-main-course-fdsnjc6fp . 2021-04-18 .
  14. Book: Iñiguez de Onzoño . Santiago . Santiago Iñiguez de Onzoño . Ichijo . Kazuo . Ledur Brito . Luiz Artur . Pereira Carvalho . Lilian Soares . 2018 . Movile: Sustaining an Innovative Culture on a Global Scale . Business Despite Borders: Companies in the Age of Populist Anti-Globalization . https://books.google.com/books?id=9fFdDwAAQBAJ&pg=PA91 . Cham . . 91, 94, 98 . 978-3-319-76305-7 . 2021-04-18 .
  15. Web site: 2023-01-18. 2018-08-02. pt-BR. iFood anuncia aquisição do app de delivery Pedidos Já. VEJA.
  16. Web site: 2023-01-18. 2018-08-02. pt-br. iFood anuncia aquisição da Pedidos Já. G1.
  17. Web site: 2023-01-18. 2022-08-22. pt-br. Rappi sobe o tom em denúncia contra iFood no CADE. Brazil Journal.
  18. Web site: 2023-01-18. 2020-09-16. pt-br. iFood anuncia compra do SiteMercado. Forbes Brasil.
  19. Web site: 2023-01-18. 2020-09-16. pt-br. SiteMercado: veja quem é a nova startup comprada pelo iFood. Exame.
  20. News: 2022-08-19 . Just Eat Takeaway sells stake in Brazil's iFood for up to €1.8bn . Financial Times . 2022-08-20.
  21. News: Sterling . Toby . 2022-08-19 . Just Eat Takeaway soars on $1.8 billion iFood stake sale to Prosus . en . Reuters . 2022-08-20.
  22. Web site: Prosus plans to buy Just Eat Takeaway stake in Brazil's iFood – Bloomberg . 2022-06-25 . www.spglobal.com . en-us.
  23. News: 21 November 2022 . iFood ended operations in Colombia . iFood News .
  24. Web site: 2023-01-18. 2022-12-07. No ritmo do futebol, iFood bateu recorde de vendas. iFood News.

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