This article was translated using AI technology from the Spanish edition. This process may cause errors.
Jsto, a Mexican platform that offers online shopping in Mexico, launched operations in Brazil last September with an investment of 40 millions dollars. The startup that is poised to be a global unicorn is expanding in Latin America by purchasing Freshmart, Peru's largest online grocery store.
Cortesa Jsto / Freshmart va Facebook
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Jsto, Mexico's first digital supermarket, has been a minority partner in Freshmart since the company's last capital raise. The Mexican platform issued a statement confirming the acquisition. This is the first time that it has purchased a major company in the region.
After investing for a time in the company, our experience with Freshmart and its team was very impressive. We were also impressed at how they managed to execute the project. Ricardo Weder (CEO and founder of Jsto), stated that it was an honor to be able integrate Freshmart with its team to the Jsto platform. He also shared vision and values.
Weder stated that this strategic move will accelerate Freshmart's growth over the next few years, but did not specify the amount.
This purchase is one the most significant successes in Peruvian entrepreneurship history. Freshmart will grow by 150% in three years with us, stated the CEO of Jsto to Peru Retail.
The Peruvian company's name will be retained after the acquisition, but it will continue to operate under the business model and standards of Jsto, particularly in the area of technological development and artificial intelligence.
Freshmart, for its part, celebrated the acquisition and expressed excitement about the learnings and challenges ahead.
Freshmart is a Peruvian-owned company. We have a lot of experience and knowledge in the market. This, along with Jsto’s practices, will allow us to grow both geographically and in sales. [] We are proud that we have joined forces with a Mexican company, which is changing the Latin American consumer industry, stated Sebastin Vegas, Freshmart CEO and co-founder.
Both platforms share the same values and operate in a similar way: both offer food and household products through its digital store, and then deliver them to their homes.
Freshmart was founded in 2016 and has grown seven times. Today, it accounts for between 18 and 20% in Peru's digital food trade. The startup is expecting a tenfold increase in its business over the next five year after Jsto purchased it.
