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.