MercadoLibre, the South American e-commerce and financial services giant, is planning to invest 19 billion reais ($3.60 billion) in Brazil in 2023, 11.5 percent more than the amount invested in the previous year.
MercadoLibre in 2018 had invested one billion reais in the country.
“It was a huge jump, for a moment of great opportunity,” Fernando Yunes, senior vice president of e-commerce in Brazil, told Reuters. MercadoLibre expects a growth in sales and slightly higher margins in the country this year as a result of recent investments.
One of the targeted areas will be in logistics, as the firm plans to increase its transport capacity with new distribution centers and a larger fleet of planes.
The goal is to service more cities and increase deliveries made within one day – which currently represent about 50 percent of the total. MercadoLibre does not disclose how much will be invested in each area of the company.