Cabify increased its gross profit by 40.9% in 2023 to $111.1 million and generated sales of just over $899 million. That’s 30.7% more than last year, the company itself said Wednesday in its 2023 Impact Report.
The company maintains its breakeven point in terms of gross operating profit (Ebitda) globally, leading to improved 2022 results.
Specifically, regarding Ebitda, Cabify CEO and founder, Juan de Antonio, noted that a “slightly positive” metric had been achieved – an increase in collections in the past year – and warned that “there will actually be opportunities in the future for greater enrollments.”
Thus, for the third year in a row, the mobility company recorded a growth in the company’s business volume of more than 30%, after recording an increase of 32% in 2022 and 44% in 2021, a year that was characterized by the consequences of the Covid-19 pandemic. .
The improvement in business has occurred in equal parts in Spain and Latin America, above all, taking into account vertical metrics Ride sharing Cabify’s main business is maintaining undisclosed billing levels.
However, Cafiby Logistics has not achieved profitability yet despite doubling revenues due to expansion into new business lines such as 24-hour deliveries. The places where these businesses improved their results the most were in Argentina, Chile and Colombia.
“We have doubled our logistics and parcel services, and in this case, we continue to grow,” Juan de Antonio said.
Postponing the IPO
At the same time, the company’s managers confirmed that the company’s initial public offering “falls within the business plans,” although they currently rule out that this will be in the near future.
Di Antonio noted that “exit is an option before us, not a condition,” with a focus on “generating growth and profitability.”
Likewise, the company is examining the possibility of making its debut on the capital market, specifically in the Spanish market. “That would be our preference,” the Cabify president replied, later explaining that to pull off the process, they needed to see “that it is a way to make income profitable.”
The company’s CFO explained: “Going public may be an appropriate option given the level of maturity of the company, but if we do it will be when we see interest in the market. There is a long way to go to get there.” , Juan Barbola.
Finance and investment
In 2023, Cabify raised US$108.6 million in a private funding round with participation from Orilla Asset Management, an investment firm owned by the Francisco Riberas 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).
At the same time, the company raised $16 million in debt through its venture arm Start-ups From BBVA, Spark follows the departure of Japanese giant Rakuten, which was the majority shareholder in the Spanish mobility technology company.
Over the past five years, Cabify has grown its investment in innovation and development to over $75 million. In 2023, investment in R&D reached nearly 24 million US dollars.