The Ledger
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Bilbao: Rappi launched restaurant delivery by listing menus without merchant permission
“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”
Bilbao: Kalanick needed extreme aggression to succeed in marketplace businesses
“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…”
Bilbao: Rappi's 10-minute McDonald's delivery in Colombia is unmatched globally
“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.”
Akhund: Rappi founders never spoke to him again after his investment
“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.”
Bilbao: Rappi took on excessive equity dilution during early fundraising rounds
“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.”
Bilbao: Early Rappi couriers needed $80 to $100 of working capital
“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…”
Bilbao: Delivery marketplaces are brutal 'winner-take-most' markets requiring exceptional fundraising
“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…”
Bilbao: Rappi's first dispatch algorithm broadcast orders to all nearby couriers
“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.”
Bilbao: Rappi faced bankruptcy until listing Bogota's top restaurants
“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…”
Bilbao: Instacart's $41M Series B inspired the founding of Rappi
“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…”
Bilbao: Rappi was likely a16z's first investment in Latin America
“I think we were the first A-sixting C investment in Latam, something like that.”
Bilbao: Grability failed to productize and built custom supermarket apps
“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, …”