Fabrício Bloisi, the founder of Movile and CEO of iFood, is stepping down to take over the helm of Prosus — the technology investment holding company that controls Movile and is worth over $95 billion on the Amsterdam Stock Exchange.
At iFood, Fabricio will be replaced by Diego Barreto, the current VP of finance and strategy, who has been with the company for over 7 years. Prosus was born in 1997 as a spinoff from Naspers, the South African media company that decided to separate its technology assets and took them to the stock exchange.
Today Prosus has a portfolio of over 100 companies in different countries, focusing on emerging markets such as Brazil, China, and India. iFood is Prosus’s third-largest investment, behind only Tencent, the Chinese conglomerate that owns WeChat, and Meituan, the Chinese food delivery giant.
Prosus is also an investor in PayU, India’s largest fintech company, OLX, and Delivery Hero, the leading food delivery service in Germany. In Brazil, it invests in Creditas, Sympla, and Kovi.
As head of Prosus, one of the strategic decisions Fabricio will have to make is the direction to take with all the food delivery assets Prosus has worldwide. In addition to iFood, Meituan, and Delivery Hero, Prosus controls Mr. D, the largest player in the food delivery market in South Africa.
One possibility would be to merge all of these businesses into a single company, creating a global giant in the sector.Prosus had been searching for a new CEO since September, when Bob Van Dijk resigned after nearly 8 years at the helm of the company.
Since then, CFO Ervin Tu had been temporarily holding the position.Discussions between Prosus and Fabricio to take over the leadership role began 45 days ago, and the final decision was made two weeks ago, a source familiar with the matter told Brazil Journal.
The announcement was made today, but Fabricio will only officially take over on July 1, after Prosus reports its results for the last fiscal year, ending in March.At iFood, Barreto will assume the role immediately.The change comes at a positive time for iFood, which reached breakeven in 2022 after years of cash burn.
Last year, the company had a GMV of over R$50 billion, divided among its four business units: food delivery; logistics vertical; iFood Pago, which already has a credit portfolio of R$1 billion; and the convenience vertical.
Last month, iFood had a GMV of over R$6 billion, which would total more than R$70 billion annually, according to a source familiar with the company’s figures.Prosus’s relationship with Movile began in 2008 when the Dutch company made its first investment in the holding company that owns iFood.
Since then, it has made several other capital injections, and today it holds more than 90% of the holding’s capital. The rest is in the hands of Fabricio himself. Prosus’s last capital injection into Movile was in 2018 when it invested R$500 million, which was entirely allocated to iFood.
