We expect more consolidation in the quick delivery market. Here's the data.
This analysis is part of our series on 2024 M&A predictions. See all 10 matchups here.
Jokr over-expanded out of LatAm (came to the USA) and then retrenched to its roots.
It took a 38% valuation haircut in its September 2023 financing round.
And it’s been bringing down its headcount in the face of a more austere financing market.
The LatAm last mile/quick delivery market has already consolidated:
- iFood was acquired fully by Prosus in August 2022 for $5.4B
- Cornershop was acquired by Uber in 2021
Rappi last raised in 2021 at a $5.25B valuation.
That valuation is unlikely to hold in today’s market so consolidation with Jokr to gain scale and operational efficiencies makes sense, especially to battle iFood.
