Brief: Mexico’s Jüsto acquires Peruvian counterpart Freshmart

Disclosure: AFN’s parent company, AgFunder, is an investor in Jüsto.

• Mexico City-based online grocer Jüsto has wholly acquired Freshmart, one of the leading e-grocers in Peru, as it continues its expansion across Latin America, Entrepreneur reports. It had previously acquired a minority stake in the Peruvian startup.
• The companies did not disclose financial details of the detail, but confirmed that Freshmart will continue top operate under its own brand.
• “After being investors for a while in the company, we were really impressed by the Freshmart team’s ability to execute and how much they have accomplished with limited resources,” said Jüsto founder and CEO Ricardo Weder in a statement.

Why it matters:

Jüsto has been steadily growing its presence throughout Latin American markets.

Earlier this month, it partnered with on-demand delivery unicorn Rappi, giving the latter’s customers in multiple Mexican cities the ability to order express groceries through its app.

Find out why AgFunder invested in Jüsto, here

Last month, it launched in Brazil for the first time, and said it expected to create between 3,000 and 5,000 jobs locally within two years.

In February, Jüsto raised $65 million in its Series A round, which was led by General Atlantic.

Freshmart was founded in 2016 and claims to have an 18-20% share of the online food market in Peru.