MercadoLibre, an e-commerce and classifieds site operating in several Latin American countries, plans to invest $708 million US (BRL 4 billion) in its Brazil operations this year.
MercadoLibre owns the MercadoLivre brand and site in Brazil. It is also a relevant player in autos after Santander, CarSales-owned WebMotors and Itau Unibanco-owned ICarros.
Brazil accounted for 53% of Meli’s revenues in Q2.
So far, Meli has invested about $1.7 billion US (BRL 10 billion) in Brazil since 2017, the company’s SVP and Brazil Country Lead, Fernando Yunes, told Bloomberg recently.
Yunes didn’t disclose how much MercadoLibre plans to invest in Brazil next year, however, the figure will likely surpass the current $708 million investment for 2020.