Cabify grows revenue by 30% in 2023, with “slightly positive” EBITDA, IPO as an option

Cabify increased its total profits by 40.9% in 2023 to $111.1 million (around €102 million) and set its sales volume at just over $899 million (€368 million), up 30.7% from last year, the company itself announced on Wednesday in its “2023 Impact Report.”

The company maintains break-even point in terms of gross operating profit (Ebitda) globally, leading to improved results in 2022

Specifically, regarding Ebitda, Cabify CEO and founder Juan De Antonio noted that a “slightly positive” metric was achieved – the increase in collections last year – and warned that “there will indeed be opportunities in the future to record even greater ones.”

Thus, the mobility company recorded a growth in the company’s business volume of more than 30% for the third year in a row, after recording an increase of 32% in 2022 and 44% in 2021, a year marked by the repercussions of the Covid-19 pandemic.

The improvement in business occurred equally in Spain and Latin America, and above all, addressing the metrics of the on-demand passenger transport sector – Cabify’s main business – which maintained undisclosed billing levels.

However, Cafiby Logistics has yet to achieve profitability despite doubling revenues due to expansion into new business lines such as 24-hour deliveries. The places where this business has improved its results the most are in Argentina, Chile and Colombia.

“We have doubled our logistics and parcel services, and in this case, we continue to grow,” said Juan de Antonio.

Postponement of the public subscription

At the same time, the company’s directors confirmed that an initial public offering of the company is “in the business plans,” although they currently rule out that it will be in the near future.

“Exit is an option, not a requirement,” Di Antonio said, with the focus on “generating growth and profitability.”

Likewise, the company is considering the possibility of debuting on the capital market, specifically in the Spanish market. “That would be our preference,” the head of Cabify responded to Europa Press’ questions and later explained that to carry out the operation they need to see “that it is a way to monetize profitably.”

“Going public could be a good option given the maturity of the company, but if we do it will be when we see interest in the market. There is still a long way to go to get there,” explained the company’s CFO, Juan Parpola.

Finance and Investment

In 2023, Cabify raised €100 million in a private funding round with the participation of Orilla Asset Management, an investment company owned by the Francisco Reberas family.

This new financing is in addition to the investment made by Mutua Madrileña in July 2022 and the loan granted by the European Investment Bank (EIB).

Meanwhile, the company raised €15 million in debt through BBVA’s startup investment arm, Spark, following the departure of Japanese giant Rakuten, which was the Spanish mobility tech company’s main shareholder.

Over the past five years, Cabify has increased its investment in innovation and development to over $75 million (just over €69 million). In 2023, investment in R&D will reach nearly $24 million (€22 million).

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