Brazil Tech Round-Up: Cabify Ends Brazil Operations, Locaweb Makes Its Largest Acquisition, PicPay Readies IPO
Spanish mobility firm Cabify has announced on Friday (23) that it will end its Brazil operations in June. Among the reasons prompting the decision, the mobility company noted Brazil is “still very affected by its serious healthcare situation and the local socioeconomic crisis caused by Covid-19”. This broader context limits value creation, the startup said, adding that it is “committed to profitability.”
“The company will continue to be attentive to needs and opportunities future mobility in this market”, Cabify said in a statement. Contacted by Forbes, the firm declined to confirm how many employees will be affected by the decision.
By Angelica Maria via Forbes