Stephanie Chevalier
E-commerce research and editorial expert
Founded in 2015 by three Colombian entrepreneurs, Simón Borrero, Sebastián Mejía, and Felipe Villamarín, Rappi serves as an intermediary platform that facilitates consumers' access to any product or service, all in one place and without having to go anywhere. Far gone are the days when the company's founders gave away donuts on the streets in exchange for downloads. Seven years later, Rappi's mobile app had been downloaded more than 100 million times. In a couple of years, what started as a platform to tackle day-to-day situations grew into a multinational company active in nine Latin American countries (Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Peru, and Uruguay) and covering over 250 cities.
By mid-2021, the firm's market value had increased fivefold, raising its worth to 5.2 billion U.S. dollars. With this, Rappi ranked as the second largest Latin American unicorn in 2022, second only to the Mexican online marketplace for used cars, Kavak. At the end of that year, the company had raised a total of 2.3 billion dollars over 14 investment rounds.
Finally, the Colombian unicorn extends further into non-food retail with Rappi Mall, a one-hour delivery service for products from shopping malls. However, its service portfolio has grown past last-mile services. Rappi now also integrates fintech and travel agency services, mobility options, as well as an app for accessing music, games, events, and gambling.
The first unicorn "made in Colombia"
In September 2018, just three years after it kicked off, the Colombian delivery startup Rappi was valued at over one billion U.S. dollars, thereby becoming Colombia's first "unicorn". About six months later, Rappi would close its Series E investment round with a historic one billion dollars investment from the Japanese conglomerate Softbank.By mid-2021, the firm's market value had increased fivefold, raising its worth to 5.2 billion U.S. dollars. With this, Rappi ranked as the second largest Latin American unicorn in 2022, second only to the Mexican online marketplace for used cars, Kavak. At the end of that year, the company had raised a total of 2.3 billion dollars over 14 investment rounds.
From delivery service to Super App
Spanning multiple verticals and markets, Rappi is today defined as a Super App. In addition to its original pillar, the "RappiFavor" - a vertical providing delivery services ranging from picking up keys to delivering documents and food - the app swiftly grew into a full-fledged food delivery business. Moving beyond delivery, the company also launched “Rappi Restaurantes", a system enabling restaurants to manage their operations. In addition to meal delivery, the platform expanded its offerings to include pharmacies and supermarkets. In 2021, looking to keep up with the rise of brands betting on express delivery, Rappi brought to life its own ultra-fast delivery model for groceries and staples: Turbo-Fresh.Finally, the Colombian unicorn extends further into non-food retail with Rappi Mall, a one-hour delivery service for products from shopping malls. However, its service portfolio has grown past last-mile services. Rappi now also integrates fintech and travel agency services, mobility options, as well as an app for accessing music, games, events, and gambling.
