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Saturday, March 25, 2023

Cabify announced that it plans to go public in a year

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The company, with a large presence in Spain and Latin America, is one of the few Spanish “unicorns” or emerging companies with a valuation of more than 1,000 million euros. Cabify is working with Morgan Stanley on the IPOaccording to El Confidencial.

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Cabify, which had already announced its intention to go public, has been reinforced by the good results obtained in 2022, after being affected by the restrictions imposed by the pandemic in 2020 and 2021. “If we don’t survive as a company, we can hardly talk about improving cities.” With this sentence, Juan de Antonio, CEO of Cabify, highlighted how financial sustainability is vital for the company. “We have focused on profitability,” he stressed during the Mobility and Cities Observatory organized by Invertia.

In the last quarter of 2019, Cabify was profitable but with the pandemic, as its CEO points out, “it was very complicated.” However, at the end of 2021 the company returned to profitability, which has been maintained in 2022, which gives the company the option to go public: “We are not obliged to go to the market for additional funds. Going public is an option, not an obligation,” He remarked last November in the aforementioned forum.

Cabify recently celebrated its 10th anniversary and currently has more than 42 million registered users and 1,200,000 collaborating drivers and taxi drivers. After being born in Madrid, the company spread, in a few months, to Latin America and is currently present in Argentina, Chile, Colombia, Ecuador, Spain, Mexico, Peru and Uruguay.

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Source: Ambito

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