On Friday, Colombia-based on-demand delivery startup, Rappi announced that it secured USD 500+ Million in a Series F funding round. After this funding round, the total valuation of the startup will reach up to more than USD 2 Billion.
This Series F funding round was led by T. Rowe Price and the participants of the round were Sequoia Capital, SoftBank, Baillie Gifford, Andreessen Horowitz, Y Combinator, DST Global, Octahedron, Third Point and GIC.
Rappi was founded in 2015 by Simón Borrero, Sebastian Mejia, and Felipe Villamarin. Currently, the startup is running its operation in 9 countries and more than 250 cities across the region of Latin America. In 2020, Rappi raised USD 300 Million in a funding round.
As the Latin American Venture Capital and Private Equity Association (LAVCA) said, “Rappi focused on delivering beverages 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. Today, the company says its app allows consumers to “order nearly any good or service.”
In addition to traditional delivery, it says “users can get products delivered in less than 10 minutes, can access financial services, as well as ‘whims,’ and ‘favours.’ Whims allow users to order anything available in their coverage area. Favours offer an array of custom services, such as running an errand, going to the hardware store or picking out and delivering a gift. The two products allow users to connect directly with a courier. “
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