The archive · Logistics & Supply · Strategic decision · 2020–2025
Mottu's rental bet: 200 bikes in 2020 to R$1B ARR, 130k rented and iFood in 2025
Mottu rents tracked motorcycles to gig couriers who can't buy or finance one — from 200 bikes in 2020 to R$1B ARR, 130k bikes and an iFood partnership.
Mottu
What the business is
Mottu rents motorcycles to app-delivery couriers in Brazil and Mexico, with insurance, maintenance, 24-hour support and driving school included, for daily rates around R$18–28; factory-installed telemetry lets it track each bike and block it remotely if a rider stops paying.
Starting capital：Founder's own savings plus early angels (99's Ariel Lambrecht, Nubank's David Vélez); $20M Series A (2021); $30M Series B equity + $10M debt (June 2022, Base Partners/Crankstart led, Tiger Global in both rounds); R$400M debentures (April 2025).
How it started
Rubens Zanelatto, ex-ALL logistics and WPG Investimentos, founded Mottu in early 2020 with 200 bikes in São Paulo after mentor Paulo Veras (99 Táxi co-founder) told him the market would only believe the model at 100,000 rented bikes; 99 co-founder Ariel Lambrecht and Nubank founder David Vélez were early angels. By year-end it had 1,000 bikes and $2M ARR.
What happened
A $20M Series A in early 2021 funded fleet and geography growth plus an own-delivery service used by 1,000+ retailers. In June 2022 Mottu raised $30M in Series B equity (Base Partners and Crankstart co-led; Tiger Global in both A and B) plus $10M debt from Verde Asset, reaching 10,000 bikes across eight Brazilian cities and Mexico City, $10M ARR (5x in 2021) and, per founder, zero delinquency thanks to remote blocking. In April 2025 Pipeline Valor reported R$1B annual recurring revenue on 100,000 rented bikes with positive cash generation, a Central Bank credit-society license, a microcredit pilot and a planned BNPL product, plus a R$400M debenture issue that drew twice the demand.
How it ended up
Scaling: by August 2025 Mottu had roughly 130,000 bikes (up from ~70,000 a year earlier) across 120+ Brazilian cities plus Mexico, and on September 1, 2025 launched a rental program with iFood — up to 20% deposit discount, R$18–28 daily rates, 24-hour assistance and up to R$350/month in rewards for couriers. It is evaluating six markets outside Latin America, aims for 1 million bikes/clients, and says a future IPO would give institutional shareholders an exit.
Background
Mottu, founded in early 2020 by Rubens Zanelatto, bet that the binding constraint on Latin America's gig-delivery boom was motorcycle supply: couriers with bad credit could not buy, lease or finance a bike, so they never entered the market. The company rented tracked motorcycles to them instead — no credit check, a weekly fee, and factory-installed telemetry that lets Mottu block the bike remotely if a payment is missed. Mentor Paulo Veras (99 Táxi co-founder) set a 100,000-rented-bikes bar; angels Ariel Lambrecht (99) and David Vélez (Nubank) backed him early.
The model scaled through capital discipline. A $20M Series A in early 2021 funded fleet growth, and in June 2022 Mottu raised $30M in Series B equity (Base Partners, Crankstart) plus $10M debt from Verde Asset, with Tiger Global in both rounds. By mid-2022 it had 10,000 bikes in eight Brazilian cities and Mexico City, $10M ARR (5x growth in 2021) and — because non-payers lose the bike — a claimed zero delinquency rate. The telemetry also gave Mottu usage data on every motorcycle, turning the fleet into a measurable, insurable, financeable asset.
In April 2025 the milestone Veras demanded arrived: Pipeline Valor reported R$1B in annual recurring revenue on 100,000 rented bikes with positive cash generation, operations in 120 cities across Brazil and Mexico, and a Central Bank license to operate as a credit society, with a microcredit pilot and BNPL product planned. Mottu funded its fleet mostly with debt — a R$400M debenture issue drew twice the demand from XP, BV, Itaú BBA, Santander and Bradesco BBI — and said it saw no need for another private equity round before a possible IPO.
In August 2025 Mottu signed a partnership with iFood, Brazil's largest delivery platform (~450,000 active couriers), giving its riders up to 20% off deposits, R$18–28 daily rates, 24-hour assistance, theft support and up to R$350/month in rewards from September 1. With roughly 130,000 bikes (nearly double the year before), expansion plans in six non-LatAm markets and a 1-million-bike ambition, Mottu is the strongest proof yet that renting, not financing, can unlock gig work at scale.
What has to be true
- Mottu bet that the binding constraint on LatAm's delivery boom was affordable motorcycles — riders with bad credit could not buy, lease or finance one, so they never became couriers.
- It made the asset safe for lenders: telemetry, remote blocking and a deposit produced near-zero delinquency, letting Mottu fund a 130k-bike fleet with debt instead of dilutive equity.
- The model compounds: with 100k+ bikes it could read usage data, win a Central Bank credit-society license, and lend back to the same riders banks had rejected.
- Scale became the proof: Veras' 100k-bike bar was passed in April 2025 and Mottu kept growing to ~130k by August — the exact milestone the market said would legitimize the business.
What can be applied
When your customer can't buy, sell access: telemetry and remote blocking turned a 'bad credit' renter base into a debt-fundable asset, and the asset itself became the collateral.
Aftermath
As of September 1, 2025, when the iFood rental program went live, Mottu is scaling: roughly 130,000 rented bikes across 120+ Brazilian cities and Mexico, R$1B+ annual recurring revenue, positive cash generation, and a debt-funded fleet backed by a twice-oversubscribed R$400M debenture. It holds a Central Bank credit-society license with microcredit and BNPL in the works, weighs six markets outside Latin America, and says no further private equity is needed before a potential IPO. Open risks: platform-work regulation and delivery-speed incentives; the goal is 1 million bikes and clients.
Sources
- Mottu secures $40M to help Latin Americans become couriers
- Mottu bate R$ 1 bilhão com 100 mil motos, mira expansão global e entra em crédito
- iFood e startup que aluga motos anunciam desconto para entregadores
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