WillItSurvive
No grouping · subsidiary of Prosus (Euronext-listed; majority-owned by Naspers, South Africa) · Brazil

Movile

Brazilian holding company whose main asset is iFood, the dominant food delivery app.

Defensible for now
Assessed 29 July 2026 · Evidence as of 29 July 2026
Real protection, with named pressure against it.
On the recordSince 29 July 2026 · Checkable from 2026 · Every call on the record Checkpoint: CADE antitrust ruling on restaurant exclusivity terms
The call

Movile's value rides entirely on iFood's grip over Brazilian food delivery, which is wide but showing margin cracks from subsidy rivals and antitrust scrutiny.

Movile owns iFood, Brazil's food delivery app that handles more than 90 million orders per month from 350,000 restaurants. iFood is hard to replace because it has a money-lending service built in (iFood Pago) and restaurants stick with the biggest platform, but competitors like Rappi and 99Food are spending aggressively to steal customers in some cities, which is squeezing iFood's profit margins. The key question is whether this subsidy war stays contained to a few cities or spreads nationwide and forces iFood to give up market share to stay profitable.

Why
01
AI pressure: None apparent. No AI ordering agent or chatbot checkout has launched in Brazil that bypasses iFood's app or logistics network yet. Could AI do the core job? Unlikely.
02
Bigger players: Rappi and 99Food (Didi Chuxing). Both run live subsidy heavy delivery apps in Brazil, and Prosus's CEO said iFood is losing margin to them in some cities. Could a giant copy it? No, they are blocked.
03
What protects it. 350,000 restaurants, 300,000 couriers, and iFood Pago's payment rails make switching costly for merchants and diners.
What would change this call
Prosus Q3-Q4 2026 earnings calls report on iFood margin trend by city. Shows whether Rappi/99Food subsidy pressure stays localized or spreads company-wide.
CADE issues a ruling on iFood's restaurant-exclusivity contracts. Would show whether regulation forces structural change to iFood's moat.
iFood market share figure reported below 80% in a future update. Would indicate Rappi or 99Food are converting subsidy spend into actual customer share.
Key numbers
  • iFood holds about 80 to 83% of Brazilian meal delivery (2024)
  • iFood serves over 90 million orders per month (2024)
  • iFood Pago transacts R$70 billion in GMV per year (2024-06)
Named risks
  • CADE antitrust proceedings could force restaurant-exclusivity changes or interoperability rules on iFood. Severity: high
  • Subsidy-driven margin erosion from Rappi and 99Food admitted by CEO Bloisi in June 2026. Severity: medium
  • Movile entity increasingly subsumed into Prosus governance, blurring standalone accountability. Severity: medium
  • Ongoing integration of Despegar and Just Eat Takeaway acquisitions could produce synergy shortfalls. Severity: medium
Rivals, as read in July 2026
RivalDirectionEvidence
Uber Eatslosing toExited Brazil in 2022, re-entered only as courier partner to iFood
RappicontestingValued $5.25B in 2021, acquired AI firm Fountain9 in September 2024
99Food/DidicontestingReturned to Brazil in April 2025, reigniting food delivery competition
Delivery Hero/PedidosYacontestingBloisi voiced frustration over competitive dynamics on June 2026 Prosus call
Questions people ask
Is Movile profitable in 2026?
Movile itself does not disclose standalone profit, but its core asset iFood Pago was transacting R$70 billion in GMV per year as of June 2024 and projected R$1 billion in revenue for the fiscal year ending March 2025, signaling a strong underlying business even if holding-level profit is undisclosed.
Who owns Movile?
Movile is privately held, with Prosus (majority owned by South Africa's Naspers) as controlling shareholder. Movile bought out Just Eat Takeaway's remaining 33.3% stake in iFood for up to R$9.4 billion in November 2023, and founder Fabricio Bloisi became Prosus/Naspers global CEO in July 2024.
What is Movile's biggest competitor?
iFood, Movile's core asset, holds roughly 80 to 83 percent of Brazil's food delivery market as of 2024. Rappi and 99Food are the main challengers; Uber Eats actually exited Brazil in 2022 and re-entered only as a courier partner to iFood rather than a direct competitor.
Could AI replace iFood or Movile?
AI tools like the ToqanClaw restaurant assistant, rolled out to about 1,000 restaurants per a June 2026 Prosus earnings call, sit on top of iFood's core value, which is its two-sided marketplace of 350,000 restaurants and 300,000 couriers plus licensed fintech, not something AI alone replicates.
Is iFood losing market share to Rappi or 99Food?
On Prosus's June 2026 earnings call, CEO Fabricio Bloisi said iFood is 'losing margin in some cities' amid subsidy-driven competition from rivals, though this is described as localized margin pressure rather than confirmed nationwide share loss so far.
What is iFood's market share in Brazil?
iFood holds an estimated 80 to 83 percent share of Brazil's meal-delivery sector as of 2024, serving over 90 million orders per month and working with more than 350,000 restaurants, according to Wikipedia sourcing tied to CADE regulatory proceedings.
Timeline
  • 2026-06-29Bloisi admits on Prosus FY2026 call iFood is losing margin in some cities; ToqanClaw tool reaches 1,000 restaurants
  • 2025-02Prosus closes euro 4.3 billion acquisition of Just Eat Takeaway.com
  • 2024-09First iFood Move restaurant conference draws 10,000 attendees
  • 2024-07Fabricio Bloisi becomes CEO of Prosus and Naspers globally
  • 2024-06-20iFood Pago launches, transacting R$70 billion GMV per year
  • 2023-11-22Movile buys out Just Eat Takeaway's 33.3% iFood stake for up to R$9.4 billion
  • 2022-08-18Prosus acquires remaining Just Eat stake in iFood for up to euro 1.8 billion
  • 2022Uber Eats exits Brazil, later re-enters only as courier partner to iFood
  • 2020-03-31Patrick Hruby named Movile Group CEO
Revision history
29 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
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Sources