IFood

Last updated
iFood
Company type Privately held company
Founded2011;13 years ago (2011)
FounderEduardo Baer
Felipe Ramos Fioravante
Gabriel Pinto
Guilherme Bonifacio
Michel Eberhardt
Patrick Sigrist
Headquarters
São Paulo
,
Brazil
Revenue
  • Increase2.svg R$208,000,000 (2019)
Owner Movile, part of Prosus (Naspers)
Number of employees
  • Increase2.svg 5,539 (April 2021)
Website www.ifood.com.br (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]

Contents

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] [ contradictory ] 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]

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References

  1. ↑ Insights, Measurable AI (2021-09-07). "2021 Brazil Food Delivery: iFood continues to lead with over 80% Market Share". Measurable AI. Retrieved 2022-06-25.
  2. ↑ Alves, Aluisio (1 September 2022). "Brazil delivery app iFood focusing on growth, not profits, says CEO". Reuters.
  3. ↑ "Brazil delivery startup iFood buys Colombian rival Domicilios.com". Reuters. 2020-04-08. Retrieved 2022-06-25.
  4. ↑ "iFood and Domicilios merge approved by Colombia's Superintendency of Industry and Commerce". LatamList. 2021-03-31. Retrieved 2022-06-25.
  5. ↑ "Delivery app SinDelantal, facing tough rivals, to close in Mexico". Reuters. 2020-11-04. Retrieved 2022-06-25.
  6. ↑ "2021 Brazil Food Delivery: iFood continues to lead with over 80% Market Share". Measurable AI. 2021-09-07. Retrieved 2023-01-18.
  7. ↑ "Fim do Uber Eats: iFood se tornou monopolista no Brasil?". tecmundo (in Brazilian Portuguese). 2022-01-13. Retrieved 2023-01-18.
  8. ↑ "Guerra de aplicativos: Rappi vai ao Cade contra o iFood". O Globo (in Brazilian Portuguese). 2020-11-13. Retrieved 2021-09-24.
  9. ↑ "Exclusividade de apps prejudica o mercado". ISTOÉ DINHEIRO (in Brazilian Portuguese). 2022-09-07. Retrieved 2023-01-18.
  10. ↑ "Rappi vai apresentar mais queixas contra iFood no Cade". Metrópoles (in Brazilian Portuguese). 2022-08-16. Retrieved 2023-01-18.
  11. ↑ "Comida no iFood fica 17,5% mais cara do que no restaurante, diz Abrasel". Abrasel. 2022-10-14. Retrieved 2023-01-18.
  12. ↑ da Silva Monty, Renata Cristina (2018-07-25). "Creative Economy: how the interface of Uber Eats and iFood could change your menu" (PDF). Brazilian Journal of Operations & Production Management. pt:Associação Brasileira de Engenharia de Produção. 15 (3): 413–419. doi: 10.14488/BJOPM.2018.v15.n3.a8 . ISSN   2237-8960 . Retrieved 2021-04-18.
  13. 1 2 3 4 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". The Times . Archived from the original on 2021-04-18. Retrieved 2021-04-18.
  14. 1 2 3 Ledur Brito, Luiz Artur; Pereira Carvalho, Lilian Soares (2018). "Movile: Sustaining an Innovative Culture on a Global Scale". In Iñiguez de Onzoño, Santiago; Ichijo, Kazuo (eds.). Business Despite Borders: Companies in the Age of Populist Anti-Globalization. Cham: Palgrave Macmillan. pp. 91, 94, 98. ISBN   978-3-319-76305-7 . Retrieved 2021-04-18.
  15. ↑ "iFood anuncia aquisição do app de delivery Pedidos Já". VEJA (in Brazilian Portuguese). 2018-08-02. Retrieved 2023-01-18.
  16. ↑ "iFood anuncia aquisição da Pedidos Já". G1 (in Brazilian Portuguese). 2018-08-02. Retrieved 2023-01-18.
  17. ↑ "Rappi sobe o tom em denúncia contra iFood no CADE". Brazil Journal (in Brazilian Portuguese). 2022-08-22. Retrieved 2023-01-18.
  18. ↑ "iFood anuncia compra do SiteMercado". Forbes Brasil (in Brazilian Portuguese). 2020-09-16. Retrieved 2023-01-18.
  19. ↑ "SiteMercado: veja quem é a nova startup comprada pelo iFood". Exame (in Brazilian Portuguese). 2020-09-16. Retrieved 2023-01-18.
  20. ↑ "Just Eat Takeaway sells stake in Brazil's iFood for up to €1.8bn". Financial Times. 2022-08-19. Retrieved 2022-08-20.
  21. ↑ Sterling, Toby (2022-08-19). "Just Eat Takeaway soars on $1.8 billion iFood stake sale to Prosus". Reuters. Retrieved 2022-08-20.
  22. ↑ "Prosus plans to buy Just Eat Takeaway stake in Brazil's iFood – Bloomberg". www.spglobal.com. Retrieved 2022-06-25.
  23. ↑ "iFood ended operations in Colombia". iFood News. 21 November 2022.
  24. ↑ "No ritmo do futebol, iFood bateu recorde de vendas". iFood News. 2022-12-07. Retrieved 2023-01-18.
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