Rappi：拉美超级应用赌注终获回报——连续四个季度盈利，筹划2026年IPO

做的是什么生意

Rappi is a Colombian on-demand delivery and services super-app: food, grocery and courier delivery, quick commerce (Turbo, under 10 minutes), fintech and travel, operating across nine Latin American countries and more than 350 cities.

启动资金：More than US$2.2B raised from Sequoia Capital, T. Rowe Price, Andreessen Horowitz and SoftBank Group (Bloomberg Línea); a US$100M debt round from Kirkoswald Private Credit and Santander in August 2025, and a US$25M convertible note from Amazon in September 2025 with warrants for up to 12% of the company (LatamList).

起因

Rappi was founded in Colombia in 2015 by Simón Borrero together with Sebastián Mejía and Felipe Villamarín, and scaled an on-demand delivery app across Latin America: by 2024 it claimed 30M+ users in nine countries and more than 250 cities, and TIME's 2024 list of the world's 100 most influential companies found it fresh off its first break-even year.

经过

Rappi raised more than US$2.2B from investors including Sequoia Capital, T. Rowe Price, Andreessen Horowitz and SoftBank Group, and kept widening the offer: Turbo quick commerce (under-10-minute deliveries growing more than 100% a year in most markets), fintech — RappiCard launched in Mexico with Banorte in January 2021 — and travel. For years the doubters said the subsidized model could never work and the company would fail; in September 2024 Borrero told the press an IPO was being prepared within a year, and by 2025 he framed any listing as a question of market windows.

结果

Bloomberg Línea reported in May 2025 that Rappi had been profitable for four consecutive quarters with positive EBITDA, reinvests 100% of its profits, needs no new private capital, and could find conditions for a 2026 listing. In April 2025 it sold the RappiCard Mexico operation to Banorte for US$50M while keeping a 15-year commercial partnership that still pays it commissions; it added US$100M of debt in August 2025 and an Amazon convertible note with warrants for up to 12% in September 2025, and said it was considering three more markets, probably in Latin America, not the US or Europe.

可借鉴之处

在拉美配送领域，密度胜于烧钱：单一超级应用将食品、即时零售和金融科技复合盈利——胜者再投资并选择其IPO窗口。