Jüsto, a leading online grocer in Latin America with operations in Mexico, Brazil, and Peru, announced it has raised $70 million in equity and debt financing. Existing investor General Atlantic led the $50 million equity round with participation from others, while HSBC México arranged the approximately $20 million debt facility.
Jüsto plans to utilize the new funding to continue executing its growth strategy, primarily in Mexico, further enhance operational efficiencies, and push the boundaries of conventional e-commerce models across the region.
Jüsto was launched in 2019 by CEO Ricardo Weder as Mexico’s first vertically integrated, 100% online grocery platform and has grown to become a leading online grocer throughout Latin America. With a market potential exceeding $600 billion, the Company is dedicated to transforming the grocery industry in Latin America through technology and fostering fair partnerships with suppliers. Jüsto works to efficiently source fresh produce while providing customers a seamless basket grocery experience, delivering 99% fill rates.
As the sole first-party grocer operating across Latin America, the company utilizes AI and data analytics to forecast demand, reduce waste levels at each of its micro-fulfillment centers, and support day-to-day operations, as well as proprietary software to manage, pick, and deliver orders. By eliminating intermediaries in the supply chain, And Jüsto offers competitive prices, reduced transaction costs, and greater customer convenience while exploring new distribution avenues. This has resulted in growing purchase frequency and retention rates that have surpassed pandemic levels, positioning the company for continued growth and operational improvements.
KEY QUOTES:
“This new funding round highlights the strong belief our investors have in Jüsto, our team, and the unique approach we bring to the table. We are excited to continue deploying our capital to redefine the grocery experience in Latin America through advanced technology and efficient operations.”
-Ricardo Weder, Founder & CEO of Jüsto
“Mexico and Latin America present an immense opportunity for disruptive digital innovation as the grocery sector increasingly shifts towards an omnichannel experience. We believe Jüsto’s approach, with a focus on technology-enabled customer service, high-quality products, and a vertically integrated model, will continue to reshape the grocery experience for consumers in Mexico. We are pleased to further deepen our partnership with Ricardo and the Jüsto team in the company’s next stage of growth.”
-Zeev Thepris, Vice President at General Atlantic
“HSBC is committed to supporting true disruptors in the rapidly evolving digital landscape of Mexico. We are excited to provide the financial backing that will enable Jüsto to continue driving innovation and meeting the needs of consumers.”
-Juan Carlos Pérez Rocha, Head of Wholesale Banking at HSBC México
