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Contxto – For one SoftBank senior executive, there can only be one winner when it comes to food delivery services in Latin America. And it has investments on every front.
Last Wednesday (13), during a webcast organized by digital broker XP Inc., Paulo Passoni —Managing Investment Partner of SoftBank’s Latin America Fund—was in (virtual) attendance. He shared his thoughts as to how the food delivery showdown would end.
“It’s difficult to have more than two players in the food delivery area, there will be global consolidation,” stated Passoni. But for SoftBank, whether they compete against each other is (apparently) irrelevant. And that’s because it has a stake in many of its contenders.
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Passoni also addressed its other portfolio companies in Latin America. On that matter, he had a relatively positive outlook. Which is a nice change of pace given that lately, all we hear about SoftBank is its heated battle with coworking startup, WeWork.
SoftBank’s investments in Latin America
Coronavirus (Covid-19) has led to fintechs’ increasing popularity and a surge in food delivery services in Latin America. For Japanese investor, SoftBank, it can only mean one thing:
As the region is strong-armed to reduce its consumption of cash, SoftBank feels “more comfortable” with its investments in the region. Among them are Argentine fintech Ualá and Brazilian Banco Inter.
There’s also its major stake in Colombian Rappi. Though it too, is competing with SoftBank’s other portfolio companies, Didi Food and Uber Eats, for control of the delivery market in Latin America.
- Related article: Rappi formalizes US$1 billion SoftBank investment
Those three may tear each other apart for control. But someone will eventually come out on top.
So, as long as it’s Uber Eats, Rappi, or Didi Food that wins this battle royale, the Japanese investor will be there to celebrate.
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