档案库 · 电商与平台 · 战略决策 · 2021-2026
Daki的赌注：15分钟杂货只有在独角兽缩水后才能回本
巴西的Daki在十个月内达到12亿美元估值，2023年缩水40%，然后收缩到两个都市区，并在2026年实现盈亏平衡。
Daki
做的是什么生意
Daki is a Brazilian quick-commerce company founded in early 2021 that delivers supermarket goods from its own distribution centers and urban stores, originally within 15 minutes. Since 2024 it has also sold through the iFood and Uber apps, and it now focuses on the São Paulo and Belo Horizonte metropolitan areas.
起因
Daki was founded in Brazil in early 2021 by Rafael Vasto, Alex Bretzner and Rodrigo Maroja, during the pandemic, promising supermarket delivery in at most 15 minutes with the money back if it failed. New York-based quick-commerce group JOKR bought Daki in June 2021 to expand in Latin America, and by December 2021, ten months after founding, Daki was valued at US$1.2 billion - the region's youngest unicorn - with about 60 dark stores.
经过
Expansion then met the market's turn: after euphoria faded, a late-2023 round valued Daki at about US$800 million, nearly 40% below its peak, and investors pressed for a route to profit. Daki closed its Rio de Janeiro network, cut from roughly 70 dark stores to 50, concentrated on the São Paulo metro area and Belo Horizonte, ended free delivery and its all-bike promise, and stretched delivery windows to 20-25 minutes. In February 2024 iFood shut its own quick-commerce vertical and made Daki its delivery partner; in September 2024 Daki signed a similar deal with Uber. The company promised breakeven by the end of 2024.
结果
By May 2026 Daki said it had reached breakeven - its first positive EBITDA since launching - with about R$1 billion in annualized revenue, growth above 50% a year, three large distribution centers and 40 urban centers concentrated in the São Paulo and Belo Horizonte metros. iFood bought a minority stake of under 5%, and CEO Rafael Vasto said Daki would announce entry into new Brazilian regions by the end of 2026, arguing digital grocery still holds a single-digit share of a market worth more than R$1 trillion.
背景
Daki于2021年初由Rafael Vasto、Alex Bretzner和Rodrigo Maroja在巴西创立，提供最多15分钟的超市配送服务。总部在纽约的快商务集团JOKR在2021年6月收购了这家初创公司，2021年12月，成立仅十个月，Daki估值达12亿美元，成为拉美最年轻的独角兽，拥有约60家暗店。
这套模式不惜代价求快：免费配送、全自行车车队、超时退款，以及更多城市里更多的暗店。当投资者热情消退，2023年末一轮融资将Daki估值削去近40%至约8亿美元。它撤出里约热内卢，暗店从约70家缩至50家，专注于圣保罗和贝洛奥里藏特，取消免费配送，并把配送时间延长到20-25分钟。
撤退变成合作：2024年2月，iFood关闭自家的快商务业务，让Daki成为其杂货配送伙伴；2024年9月，Uber签署类似协议。到2026年5月，Daki称已实现盈亏平衡，首次获得正EBITDA，年化收入约10亿雷亚尔，增长超过50%，iFood收购了不到5%的少数股权以资助其扩张到巴西新地区。
这件事要成立，得有什么
- 2021年，速度确实是个切入市场的楔子：15分钟杂货配送加超时退款，足以在传统玩家动作迟缓时把订单拉到线上。
- 网络竞赛假设增长能跑赢成本；当资本变贵时，暗店密度成了负债，而不是护城河。
- 生存靠收缩到盈利密度，比如两个都市区、更少的店、没有免费配送，以及通过iFood和Uber出租配送能力，而不是自己去买。
- 在约10亿雷亚尔的年化收入上实现盈亏平衡表明需求是真的，问题一直在于每单成本。
可借鉴之处
速度承诺能吸引注意力，但赢不了单笔经济：Daki只有在砍掉城市、关闭暗店、取消免费配送并接入iFood和Uber获取需求后，才达到盈亏平衡。
后续进展
截至2026年5月，Daki是私营公司，已盈利并再次扩张：它报告盈亏平衡，自2021年启动以来首次获得正EBITDA，年化收入约10亿雷亚尔，增长超过50%，有三家配送中心和40个城市中心，集中于圣保罗和贝洛奥里藏特。iFood持有不到5%的少数股权及自2024年开始的运营合作。Vasto表示Daki将在2026年底前宣布进入巴西新地区，并押注数字杂货在价值超过1万亿雷亚尔的市场中还能继续增长，目前线上占比只有个位数。
资料来源
- Ex-unicórnio, Daki reduz rede e busca aliados para encurtar caminho até o breakeven
- Investimento do iFood na Daki vai para IA e expansão geográfica
发现哪里写错了？告诉我们。
轮到你了
你刚读完一家。说说你在做什么，看看谁在赌同一件事。
免费账号 · 3 次免费提问 · 不用绑卡