Mexican grocery delivery startup Justo has decided to enter Brazil, placing an initial investment of $40 million into its expansion efforts into the new market.
Prior to taking on the decision to launch in Sao Paolo, Justo raises over $100 million in funds to expand in Mexico, its original market.
Confirming on Tuesday its decision to enter the Brazilian market, Justo revealed their goal to reach one million Brazilian customers, while generating between 3,000 and 5,000 jobs in the process.
Following the public announcement, Justo founder and chief executive Ricardo Weder released the following statement: “Brazil represents a huge opportunity, but also a great challenge due to the size and complexity of the local market, but I have no doubt that with the talent and passion… we will be very successful.”
Currently, Justo operates in Mexico City, Queretaro, Guadalajara, and Puebla, where it has generated combined exponential revenue growth of 800% since being established just one and a half years ago.
Much of Justo’s success can be attributed to its timing when entering the market; the startup launched around the time of the pandemic outbreak, when online deliveries of groceries and fresh goods skyrocketed.
