Revenue from iFood’s non-food delivery business accounts for about 40%.

Impact level

⚪ Background

⚠ Risk:The addressable market is a company estimate, not actual revenue; the profits of individual businesses and the advertising profit margin are unknown.

What happened

Business Day reported on October 12, 2026, that Brazil’s iFood had expanded into grocery delivery, merchant payments and credit, advertising, and other businesses. The CEO said revenue from non-delivery businesses had grown nearly 50% year over year and accounted for about 40% of total revenue; the period covered was not specified. Monthly orders first reached 100 million at the end of 2024; this historical figure does not represent the current scale. [1]

Involves:Prepared meals、Groceries、Pharmaceuticals、Pet supplies、Alcoholic beverages

Seller impact

• InferenceCoordination among delivery, payment, and procurement services could reduce merchants’ operating costs across services and raise the cost of switching platforms, strengthening the platform’s bargaining power. However, data on rates, merchants’ net benefits, and comparable competitor offerings are insufficient. Recheck the latest disclosures over the next two weeks. [1]
• FactProsus estimates the addressable market for food delivery in Latin America at $8 billion, and at about $100 billion when other services are included. The two figures cover different product scopes, so they do not establish market growth or an increase in iFood’s share; nor is it possible to determine whether revenue expansion reflects structural change or cyclical fluctuation. [1]

Evidence that would disprove the assessment

• Assessment 1：If subsequent merchant data show that users of multiple services are no more likely to stay than users of a single service, or that net operating costs have risen, the assessment of synergies would be weakened.
• Assessment 2：If the company revises the market figures or service scope in its investor materials, the market size description above should be updated accordingly.