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Brazilian Delivery Startup Loggi Tecnologia Considers Stake Sale
Brazilian delivery startup Loggi Tecnologia Ltda, supported by notable backers such as SoftBank Group Corp. and Microsoft Corp., is exploring options to sell a stake to investors. The company, based in Sao Paulo, is collaborating with Citigroup Inc. to facilitate this process, according to sources familiar with the situation. These individuals opted to remain anonymous as the discussions are private.
Exploring Strategic Options
Loggi's preferred strategy involves a private stake sale targeting investors in Asia. However, an alternative option being considered is an initial public offering (IPO), should market conditions prove favorable. The startup reached a valuation close to $2 billion during its most recent funding round in March 2021. Citigroup has chosen not to comment on the matter, and Loggi has not yet responded to requests for comment.
Competitive Landscape
Founded in 2013 by entrepreneurs Fabien Mendez and Arthur Debert, Loggi operates a comprehensive logistics network throughout Brazil, covering all state capitals. The company faces competition from Colombian rival Rappi SAS and is reported to handle the delivery of approximately 300,000 packages daily, as stated on its website.
