Spanish ride-hailing service, Cabify, will expand its grocery delivery service to the Latin American market in 2022 — just a month after the company rolled out its service in its home market.
Lucia Chavarri, the vice president of new business, announced the company’s plan at an event celebrating the company’s 10th anniversary.
The launch of the service comes at a time when consumers in emerging markets are increasingly gravitating toward digital services for their day-to-day needs — a trend that began at the start of the pandemic. The service, which will allow shoppers to order groceries from nearby partnering stores, is expected to launch in the first half of 2022.
Cabify has yet to announce which Latin American country will be the first to see the launch of the service. The company currently operates in Argentina, Chile, Colombia, Ecuador, Mexico, Peru and Uruguay, according to Reuters.
The ride-hailing service’s move to expand its new grocery delivery business in Latin America follows a period of rapid growth. The company expects to generate $516 million in revenue, which will exceed its pre-pandemic core earnings in Q4 this year.
The company’s Chief Financial Officer Antonio Espana said that he expects sales to reach $167 million in the period, which will be 43% higher when compared to the same quarter of 2019.
“Going public is just one option at our disposal to finance our growth plans, and we’ve no concrete date so far,” Espana said. “We want to keep financing our conquest of mobility and working on our recovery using our own resources for now.”