(Bloomberg) — Brazilian delivery startup Loggi Tecnologia Ltda, which is backed by SoftBank Group Corp., is working with Citigroup Inc. to sell a stake to investors, people familiar with the matter said.
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The company, also backed by Microsoft Corp., is exploring strategic options and a private equity sale to investors in Asia is the preferred outcome, said the people, who asked not to be identified because the discussions are private. An initial public offering could be an alternative depending on market conditions, the people said. Loggi was valued at around US$2 billion in its last funding round in March 2021.
Citigroup declined to comment. Loggi did not immediately respond to messages seeking comment.
The São Paulo-based startup competes in Brazil with Colombian rival Rappi SAS. Founded in 2013 by Fabien Mendez and Arthur Debert, Loggi has been building a logistics service for all of Brazil with a presence in all the country’s capitals. It delivers about 300,000 packages a day, according to its website.
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