iFood

This article is about the Brazilian food delivery company. For the diet containing the heavy isotopes of nutrients, see Heavy isotope diet.
iFood
Company typePrivately held company
Founded2011; 13 years ago (2011)
FounderEduardo Baer
Felipe Ramos Fioravante
Gabriel Pinto
Guilherme Bonifacio
Michel Eberhardt
Patrick Sigrist
Headquarters
São Paulo
,
Brazil
Revenue
  • Increase R$208,000,000 (2019)
OwnerMovile, part of Prosus (Naspers)
Number of employees
  • Increase 5,539 (April 2021)
Websitewww.ifood.com.br (Brazil)

iFood is a Brazilian online food ordering and food delivery platform, currently operating in Brazil and previously in Colombia. The company holds over 80% market share of the food delivery sector in Brazil.[1] It is owned by Dutch-based Prosus (part of Naspers) and its Brazilian investment firm Movile.[2]

It merged its businesses in Argentina and Colombia with rivals PedidosYa in August 2018 and Domicilios.com in March 2021 respectively, brands of Delivery Hero which is also owned by Prosus.[3][4] It operated as SinDelantal in Mexico until December 2020.[5]

Currently, iFood holds 83% of the meal delivery market in Brazil[6][7] and is the subject of proceedings by CADE.[8][9][10] A survey by the Brazilian Association of Bars and Restaurants (ABRASEL) pointed out that orders made by the platform are on average 17.5% more expensive for the consumer, compared to the same order made directly at the restaurant.[11]

History

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iFood was founded in 2011 by Patrick Sigrist, Guilherme Bonifacio, Eduardo Baer and Felipe Fioravante.[12][13] Movile owns iFood as a subsidiary, with Just Eat owning a 33% stake in iFood until 2022.[13] Naspers provided funding when iFood had just started.[13]

It serves customers in Brazil and Mexico.[14][contradictory] It connected 15,000 restaurants to customers who collectively placed four million orders every month in 2018.[14] iFood had £123.8m in sales, making it 16 times larger than the next largest delivery company in the region in 2018.[13] iFood has 80% of the market share in Brazil of food deliveries and according to the book Business Despite Borders, "iFood became a synonym of food delivery in Brazil."[14]

In August 2018, PedidosYa acquired the Argentinian business.[15][16] In March 2021, the merger of the Colombian subsidiary with PedidosYa was approved.[17]

In September, it acquired the São Paulo startup SiteMercado, an e-commerce platform focused on markets and grocery stores which it has partnered with since 2019.[18][19]

On 19 August 2022, Just Eat Takeaway.com sold its 33% stake in iFood to Prosus for €1.8 billion.[20][21] This follows years of talks of Just Eat Takeaway selling their share in the company since 2020.[22]

On 21 November 2022 iFood ended operations in Colombia,[23] the decision was a business strategy due to the moment in the capital market.

iFood broke sales records during the FIFA World Cup in Qatar, where more than 8 million orders were placed on the app over the weekend of December 2-4, the best mark in 2022. Thus, the first weekend of December not only had the most orders in 2022, but also surpassed the weekends of 2021.[24]

References

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  1. ^ Insights, Measurable AI (2021-09-07). "2021 Brazil Food Delivery: iFood continues to lead with over 80% Market Share". Measurable AI. Retrieved 2022-06-25.
  2. ^ Alves, Aluisio (1 September 2022). "Brazil delivery app iFood focusing on growth, not profits, says CEO". Reuters.
  3. ^ "Brazil delivery startup iFood buys Colombian rival Domicilios.com". Reuters. 2020-04-08. Retrieved 2022-06-25.
  4. ^ "iFood and Domicilios merge approved by Colombia's Superintendency of Industry and Commerce". LatamList. 2021-03-31. Retrieved 2022-06-25.
  5. ^ "Delivery app SinDelantal, facing tough rivals, to close in Mexico". Reuters. 2020-11-04. Retrieved 2022-06-25.
  6. ^ "2021 Brazil Food Delivery: iFood continues to lead with over 80% Market Share". Measurable AI. 2021-09-07. Retrieved 2023-01-18.
  7. ^ "Fim do Uber Eats: iFood se tornou monopolista no Brasil?". tecmundo (in Brazilian Portuguese). 2022-01-13. Retrieved 2023-01-18.
  8. ^ "Guerra de aplicativos: Rappi vai ao Cade contra o iFood". O Globo (in Brazilian Portuguese). 2020-11-13. Retrieved 2021-09-24.
  9. ^ "Exclusividade de apps prejudica o mercado". ISTOÉ DINHEIRO (in Brazilian Portuguese). 2022-09-07. Retrieved 2023-01-18.
  10. ^ "Rappi vai apresentar mais queixas contra iFood no Cade". Metrópoles (in Brazilian Portuguese). 2022-08-16. Retrieved 2023-01-18.
  11. ^ "Comida no iFood fica 17,5% mais cara do que no restaurante, diz Abrasel". Abrasel. 2022-10-14. Retrieved 2023-01-18.
  12. ^ da Silva Monty, Renata Cristina (2018-07-25). "Creative Economy: how the interface of Uber Eats and iFood could change your menu" (PDF). Brazilian Journal of Operations & Production Management. 15 (3). pt:Associação Brasileira de Engenharia de Produção: 413–419. doi:10.14488/BJOPM.2018.v15.n3.a8. ISSN 2237-8960. Retrieved 2021-04-18.
  13. ^ a b c d Meddings, Sabah (2019-12-01). "Just Eat is a tasty starter for iFood, the Brazilian main course: The takeaway pioneer's real appeal is its South American stake". The Times. Archived from the original on 2021-04-18. Retrieved 2021-04-18.
  14. ^ a b c Ledur Brito, Luiz Artur; Pereira Carvalho, Lilian Soares (2018). "Movile: Sustaining an Innovative Culture on a Global Scale". In Iñiguez de Onzoño, Santiago; Ichijo, Kazuo (eds.). Business Despite Borders: Companies in the Age of Populist Anti-Globalization. Cham: Palgrave Macmillan. pp. 91, 94, 98. ISBN 978-3-319-76305-7. Retrieved 2021-04-18.
  15. ^ "iFood anuncia aquisição do app de delivery Pedidos Já". VEJA (in Brazilian Portuguese). 2018-08-02. Retrieved 2023-01-18.
  16. ^ "iFood anuncia aquisição da Pedidos Já". G1 (in Brazilian Portuguese). 2018-08-02. Retrieved 2023-01-18.
  17. ^ "Rappi sobe o tom em denúncia contra iFood no CADE". Brazil Journal (in Brazilian Portuguese). 2022-08-22. Retrieved 2023-01-18.
  18. ^ "iFood anuncia compra do SiteMercado". Forbes Brasil (in Brazilian Portuguese). 2020-09-16. Retrieved 2023-01-18.
  19. ^ "SiteMercado: veja quem é a nova startup comprada pelo iFood". Exame (in Brazilian Portuguese). 2020-09-16. Retrieved 2023-01-18.
  20. ^ "Just Eat Takeaway sells stake in Brazil's iFood for up to €1.8bn". Financial Times. 2022-08-19. Retrieved 2022-08-20.
  21. ^ Sterling, Toby (2022-08-19). "Just Eat Takeaway soars on $1.8 billion iFood stake sale to Prosus". Reuters. Retrieved 2022-08-20.
  22. ^ "Prosus plans to buy Just Eat Takeaway stake in Brazil's iFood – Bloomberg". www.spglobal.com. Retrieved 2022-06-25.
  23. ^ "iFood ended operations in Colombia". iFood News. 21 November 2022.
  24. ^ "No ritmo do futebol, iFood bateu recorde de vendas". iFood News. 2022-12-07. Retrieved 2023-01-18.
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