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With US$200 million loss, iFood bets on loans and dark stores

iFood’s CEO wants to transform the company into an ecosystem, go beyond delivery and strengthen its presence as a fintech and e-commerce.

Despite this, the company plans to expand in the financial and retail sectors. Who says this is Fabricio Bloisi, CEO of iFood. In an interview with NeoFeed, he revealed his desire to turn the company into an ecosystem. Currently, iFood has $1 billion in annual turnover, but made a loss of $206 million in the fiscal year ending March 2022.

To become an ecosystem, iFood will invest in loans, dark stores and benefit cards.

Loans

When the COVID-19 pandemic started, iFood started passing on money to restaurants in one or two days, free of charge. Now, it has become a business: loans to restaurants, with payment in 10 or 12 months.

Benefits cards

The company already offers the iFood Benefits Elo, with 4 million registered establishments, contracts with more than 6,000 companies and 650,000 people using the service. The iFood CEO thinks that the law will change the focus, taking it away from the companies and giving it to the client, since one of the novelties is that the worker will be able to choose through which service provider he will receive his benefits.

Dark stores

He mentions the dark shops as one of the factors – they are shops that do not sell in person, only through delivery. According to the executive, there are more than 100 iFoods’ own markets, with dark stores in 30 cities.

New owner and acquisitions

Last Friday (19), Dutch company Prosus bought the 33.3% share of iFood that belonged to Just Eat Takeaway. With this, it now controls 100% of the delivery company.

For Bloisi, this will allow him to “move faster” with his plans for the company. He wants to invest in new businesses and make them grow, and this may include acquisitions.

Accusations from competitors

He says that only 8% of the restaurants on the platform are exclusive, and that even this practice is common in the market worldwide. The CEO credits this to customer service, the local technology team and contact with restaurants.

 

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