Mexican grocery e-commerce company Jüsto announced it has acquired Freshmart, the main online supermarket in Peru.

It is the first exit for Utec Ventures, the Peruvian VC firm that has financed Freshmart. Among its other investments is food delivery service Manzana Verde.

With this acquisition, Freshmart is expected to accelerate its growth in Peru and become the country’s leading online grocery service. Before the pandemic, Freshmart had multiplied its business 7x and is hoping to have a 10x growth in the next five years.

For Jüsto, the online supermarket founded and directed by Ricardo Weder, this acquisition will allow the company to continue its goal is to transform grocery shopping throughout the region. Jüsto has become a champion of fair practices with local suppliers, eliminating third parties and offering a better experience for both them and consumers.

“We are very excited about the challenges and learnings that are coming for the next few years. We are proud to join forces with a Mexican company that is transforming the consumer industry in Latin America,” said Sebastián Otero, co-founder and CEO of Freshmart in a statement.

Jüsto is all in for its regional expansion

Last February, Jüsto received a historic $ 65 million investment in a Series A led by General Atlantic. Since then, the Mexican startup has been partnering with key companies in Latin America to become the super favorite in the region.

The announcement of Freshmart’s acquisition comes a few days after Jüsto joined forces with Colombian delivery unicorn Rappi to offer a better grocery delivery service in Mexico.