Jokrthe digital supermarket, announced the closure of its operations in Mexico despite having achieved unicorn status with a value of $1.2 billion.
As reported Bloomberg, the startup will bet its entire strategy on Brazil, since in previous weeks it had also announced its exit from other Latin American markets such as Chile, Colombia and Peru.
The CEO of the company, German Peralta, published on his LinkedIn account that this week the company would stop operating in the Aztec country.
“We are in conversations with strategic partners to continue with our goal of improving the digital supermarket experience in Mexico”
mentioned the executive director.
“Most of our team left last Friday and others will stay for a few more days.”
Jokr, the unicorn in full retreat
This startup was launched as a platform that promised to bring your groceries to your home in 15 minutes through a network of local providers. It started its operations in Mexico in March 2021.
As recently as December of that year, Jokr was celebrating having reached the level of a unicorn company (worth more than a billion dollars without listing on the stock market). In fact, this startup was one of the fastest historically to raise venture capital due to the boom of home deliveries during the height of COVID-19.
The dark store he managed to raise 260 million dollars just in his series B to reach a value of 1,200 million dollars. The unicorn was backed by investors including Activant Capital, Balderton, Greycroft, GGV Capital, G-Squared, HV Capital, Kaszek, Mirae Asset, Monashees, Moving Capital, and Tiger Global.
However, with the return to post-pandemic activities, Jokr struggled to find a niche in a region dominated by other digital services like Rappi, Cornershop and Jüsto.
“I am proud to work with this team and look forward to eventually working in this market again,” Peralta wrote on LinkedIn.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.