Mercado Libre, the largest e-commerce platform in Latin America, will invest $1.47 billion to grow its operations in Mexico by upgrading its technology arm, boosting logistics, and developing key categories, including apparel. The sum represents a 34 percent increase in investment over last year.
Mercado Libre announced this new investment round just two days after publishing a quarterly financial report that showed its consolidated net income in Mexico rose 104 percent year-on-year (to $1.17 billion), the highest increase in the region.
The e-retailer, which operates in 18 Latin American countries, has invested $2.2 billion in the country over the last five years. David Geisen, Country Manager of Mercado Libre in Mexico, said Reuters that Mexico is a “priority” for the group.
Mercado Libre’s net income in 2021 increased 78% to $7.1 billion
The largest e-commerce platform in Latin America announced net revenue for the fourth quarter of $2.1 billion, a year-over-year increase of 73.9 percent.