Rappi

“We're investors in a company, Taco, which does sort of payroll, HR workflows across Brazil, but their bigger mission is really cutting down bureaucracy in Brazil. And one of their founders was previously the founder of Rappi teamed up with another Fernando fou…”

“The super app concept of we can do this and that. So, so awesome. And people are like, well, I can use three different apps for it and I'm fine. And I think we were losing the, we were missing the glue between them. And I still see a lot of super apps making t…”

“If you pick somebody in Rappi or iFood or MercadoLibre, the energy and the passion of those people is, in my experience, two, three X is no more of what I see in, in the average here in Europe, right?”

“I made this investment in this company called Rappi which is a doordash for Latam, and it's done really well. Nice, nice, nice. Honestly, I invested and they never talk to me again.”

“Rappi was one of my first investments. Rappi is like a door dash for LADAM. Yeah. I literally invested and they did not talk to me again. Like they were just so busy and they grew that thing like crazy. And it was a unicorn within a year and a half. I invested…”

“We didn't do that fast enough in, in Colombia, as a good example, and we get disrupted by Rappi. So then the cohorts deteriorated big time.”

“You would say that Felipe, one of my business partners, he saw Instacart raise like forty one million dollars. I think it was like a Series B or something like that. And we thought that that was like all the money in the universe, right? And Felipe said, we sh…”

“We had a product that we would sell to supermarkets, but it was never really a product. We had to, like, build a new app every time. Like, we were never, like, able to prioritize it, and we were not that great at building software. Like, if I use a euphemism, …”

“It started, when it first started, it was just trying to do grocery delivery. I knew it was not going well at all. Like it was not growing. We're clearly gonna go bankrupt. And then someone, maybe Simone, but someone came up with the idea of why let's not just…”

“What are you going to do? Go and talk to each of them, have like three months negotiate. No dude, you just sent the courier. So you just got the menus. Put them on the app, and then people start ordering”

“At the beginning, we literally had to have couriers put money as working capital. Like the first couple of months, like it was crazy cause they would pay and then you would pay them back. So to be a courier, you have to have a hundred dollars of working capita…”

“The first algorithm, you would literally take all the couriers within like a mile radius and show everyone the order. And they'd be refreshing the thing all day, every day, trying to get the order. And we call it the finger wars.”

“Like if you live in Bogota or maybe in Medellin, You cannot have that level of convenience that rapid provides anywhere in the world. You just cannot, you cannot get McDonald's in 10:12 minutes. You cannot. Only here.”

“This is a winner take most. Market. Maybe you're super young for this, but there used to be this show called Highlander, where there's this superhero or super tough dudes, and when they would run into one another, they kind of recognize themselves, and one wou…”

“I think we were the first A-sixting C investment in Latam, something like that.”

“When people give Kalanick shit, Over some of the stuff that happened in culture they fail to understand how aggressive and how demanding the industry is and the marketplace business in that regard is that you had to have someone extremely aggressive to be able…”

“Yeah, but there was way too much dilution. There's stuff that we could have done a lot better. ... But like step, but like order of magnitude optimizations that we could have done.”

“Rappi is one of the largest contributors to Y Combinator in terms of alumni. Rappi alumni becoming YC companies. One of the largest contributors within the YC universe.”

“There's been a hundred plus companies created by Rappi employees. It's crazy. Even, almost 50 in Colombia.”

“Like you've got NewBank, Rappi, Dlocal, right? And so like the kind of mafias from those companies are going to spin out and join the next generation of companies or grow the next generation of companies.”

“See, which is like a super app in, in Southeast Asia credits a lot of its innovation and the way they think about app building to Tencent as do Grab, Gojack, and Rappi in Brazil. You know, they credit Chinese tech for, and the way of kind of, you know, buildin…”

“We had no users, so we had to go to the streets, and we actually started giving away donuts for downloads, and that's how we started to gain traction in a very small neighborhood in Bogota”

“After a month and a half of lunch, I was asking my investors to give me more money.”

“Because this business has hyper-local network effects. You need to make a specific user fall in love with your service, so that specific user in a specific neighborhood in Bogota or in Sao Paulo, she or he gives a shit if you have a 100,000 restaurants in othe…”

“So for us in America, it's two. If you're doing two orders per hour, you're good.”

“For us, the key metric has been frequency of use. Yes, we're a multivertical app, and what makes Rappi amazing is to be able to really make your life better, not only with restaurants, but with pharmacy, with diapers, with liquors, with anything you want.”

“48 hours after reading that message, we implemented an on-demand ATM where users could order the equivalent to a hundred dollars or 200 dollars, and a courier will deliver the cash for them. Latin America, everyone uses cash. We would deliver cash for them in …”

“And there's another very important point for Latin American, is that if you connect And do orders for an hour in wrapping. You'll earn, in average, twice the minimum wage of Latin America.”

“Our dollar retention is world-class. DoorDash just published their dollar retention cohorts. And are amazing. Rappies are twice as good as them because of the multivertical approach.”

“And it's growth, growth, growth when you've cracked unit economics. If you haven't cracked unit economics, it's unsustainable to scale. So you have to crack unit economics and then go as fast as you can, knowing that you're going to be burning a lot of money t…”

“Yeah, it takes about three and a half months. It's not more than that.”

“To be clear, Rappi is unit economic profitable globally, so in nine countries that we operate, so it's not acceptable for us, and I think for anyone in this world now, To have negative unit economics.”

“But now I'm managing a team of 4000 people, a 150,000 couriers in the region.”

“A normal human being that wants a bit more of balance in their life is not going to be super happy in Rappi.”

“In five years, Rappi is going to be this super app for people that don't have a lot of time and need Help with a lot of things, and RAP is going to be able to provide not only groceries and restaurants and pharmacy, but also everything for your pets, services,…”

“What we're seeing is that 70% of our GMB comes from these users that really understand Rappi, and that's where we're focusing.”