To hear Naspers and the Latin American marketplace developer Movile tell it, food is the thing to make a company king in international markets.
Naspers, a South African-based global investor and media conglomerate, has joined the private equity firm Innova Capital to funnel another $82 million into Movile — primarily to increase Movile’s stake in iFood, a Latin American food delivery vendor.
Movile has business lines that include logistics and delivery, ticketing, online gaming and education, but it’s the food business that has drawn the attention of most investors.
“The food delivery market is expanding rapidly across the globe and iFood is at the forefront of innovation and growth as the leading food delivery business in Latin America,” said Movile chief executive Fabricio Bloisi, in a statement. “With that in mind, we will continue to invest in the company to scale iFood’s technology platform and accelerate product development so they can fulfill more orders…