iFood makes deal to have 49% of Mexican SinDelantal

Rio de Janeiro-brazilian iFood, which operates food delivery application of same name, closed a deal to acquire the Mexican 49% SinDelantal, giving the first step towards the internationalization of the company.
The acquisition of the share of SinDelantal.mx, considered one of the leading companies for delivery of food from Mexico, was made possible from a contribution of 100,000,000 dollars made by investors of iFood, including Just EAT brazilian and European Movile.
Part of the resources were used in the acquisition of the slice at SinDelantal.mx and part in maintaining the operation of the services of the company.
With the purchase of the participation by iFood, the SinDelantal.mx will be divided between the brazilian company administration and Just EAT, which had acquired the Mexican company in February last year.
According to the Vice President of iFood, Charles Moses, the choice of the Mexican market to the beginning of the internationalization of the company due to the number of customers and the strength of the local economy. Moses also highlighted the similarity between Brazilian and Mexican markets, while acknowledging that the market food delivery at home through online orders to be more robust in Brazil.
"Mexico is now the second largest market in Latin America and along with Brazil represents 70% of the Internet market in the region," said the Executive told Reuters.
"The Mexican market is very interesting (...) He has Internet penetration and mobile access, but while in Brazil there is a culture of delivery in Mexico that is still growing, "added Moses.
"We can grow fast like we did in Brazil." According to him, the iFood and partners look any additional opportunity in the Latin American market, particularly in Argentina and Colombia, but the priority is the consolidation of business in Brazil and Mexico.
"Our business makes sense in mass markets and in minors makes less sense. And you still have to check the Internet, access via smartphone. In many countries in Latin America that is below Brazil, "said the Executive.
The iFood launched the application in 2011 and began to make a profit in March this year, said Moses without giving details. According to him, in 2016 the company revenue should jump between 250 and 300% over the past year, after an expansion of 150% in 2015 front the previous year.
In Brazil, the iFood charges a Commission of 12% about the value of each request made by user to a restaurant of the accredited network by the company.
If service prospects consolidate here and abroad, the IPO can be a path to be adopted in the future, according to Moses, who stressed that for now the possibility is not being considered.
"IPO (initial public offering) is not a subject for discussion yet, but can be a natural outlet. We still have a lot to do before thinking about an IPO. We didn''t discuss the subject (...) See more sense in the United States (a possible IPO), which is a more mature market, "said Moses.