Is Rappi profitable in 2026?

Rappi's Colombian entity posted net profit of about $64.8M in 2025 on revenue of $236.6M, up 116% year over year and its second consecutive profitable year, per filings reported July 19, 2026. Globally, CEO Simon Borrero claimed four consecutive profitable quarters as of December 2025, though other markets are less disclosed.

Rappi is private, last priced at a $5.25B valuation in its July 2021 Series F led by T. Rowe Price, with backers including SoftBank, DST Global, a16z, and Sequoia. Amazon added a $25M convertible note in September 2025 carrying warrants for up to 12% equity if milestones are met.

Will Rappi go public soon?

CEO Simon Borrero floated a possible NYSE IPO in 2024, targeting roughly 12 months out, then referenced a 2025 to 2026 window. As of July 16, 2026, Rappi says it is prioritizing local expansion over listing, with no confirmed filing date.

Could AI replace Rappi's business?

AI is a tool inside Rappi, not a substitute threat: Oracle's AI Vector Search cut catalog search times 40% and Claid AI sped merchant onboarding by 87% (both vendor-claimed). Rappi's actual moat is physical last-mile courier density and financial licensing across nine countries, which generic AI cannot replicate.

Who is Rappi's biggest competitor?

iFood dominates Brazil, Latin America's largest market, with an estimated 80% share as of December 2025. DiDi's 99Food already runs food delivery in Rappi's core markets of Mexico, Colombia, Costa Rica and Peru, while Meituan's Keeta committed $1B over five years to Brazil starting late 2025.

Has Rappi raised new equity funding recently?

No priced equity round has closed since the $5.25B Series F in July 2021. Recent capital has instead come as debt: a $100M loan from Santander and Kirkoswald Capital Partners in August 2025, plus a $25M Amazon convertible note with equity warrants in September 2025.

E-commerce and marketplaces · Colombia

Rappi

rappi.com ↗

Rappi runs a delivery and marketplace super-app across nine Latin American countries.

Losing its protection

Assessed 22 July 2026 · Evidence as of 22 July 2026

The structural protection is eroding.

On the recordSince 22 July 2026 · Checkable from 2026-2027 · Every call on the record Checkpoint: Amazon's decision to exercise its warrant toward a 12% stake or acquisition

The call

Rappi makes money in Colombia while bigger players circle its other markets and its own path to an IPO keeps slipping.

Rappi is a delivery app that brings food, groceries, and packages to customers in Colombia, Mexico, Peru, and six other countries. It got there first and makes money in Colombia, but that early advantage is not enough to stop Amazon, Uber-style competitors like DiDi, or Meituan from entering the same markets with much deeper pockets and no laws blocking them. The biggest question mark is whether Amazon exercises its ownership stake to buy Rappi outright, take it over, or fold it into Prime, which would reshape the whole picture overnight.

Why

AI pressure: None apparent. No AI-native rival is displacing Rappi yet; AI shows up as internal routing and support tools, not an external threat. Could AI do the core job? Unlikely.

Bigger players: DiDi/99Food, Meituan/Keeta, Amazon, and iFood. 99Food and Keeta are live in Rappi's core markets with more capital, while Amazon holds a warrant path to 12% ownership or acquisition. Could a giant copy it? Yes, easily.

What protects it. Dense courier and merchant networks in Colombia plus habitual multi-service app usage keep switching costs high for now.

What would change this call

Amazon exercises or lets lapse its warrant for up to 12% of Rappi within 12-24 months. Shows whether Amazon is moving toward control or acquisition, or staying a minor partner.
DiDi/99Food or Meituan/Keeta reach 15-20% delivery share in Mexico or Colombia within 12 months. Would confirm rivals are materially taking share in Rappi's core markets.
Rappi files for or withdraws an IPO, or completes a new priced funding round. Would confirm or deny valuation growth since the 2021 Series F.

Key numbers

Colombia FY2025 net profit $64.8M, up 116% (2026-07-19)
Amazon $25M note with up to 12% warrant (2025-09-08)
Secondary shares trade $19-21, below 2021 peak (2026-07-22)

Named risks

Gig-worker labor reforms in Colombia, Mexico and ILO Convention 193 could raise courier costs. Severity: high
Chinese platforms Keeta and 99Food expanding capital and footprint into Rappi's core Mexico/Colombia markets. Severity: high
No priced equity round since 2021 and slipping IPO timeline signal weak investor confidence in near-term liquidity. Severity: medium
Amazon's warrant could convert to a controlling stake or acquisition, reshaping ownership. Severity: medium
Internal AI productivity gains (25-87%) are vendor-authored case studies, not independently verified. Severity: low

Rivals, as read in July 2026

Rival	Direction	Evidence
iFood	losing to	iFood holds an estimated 80% share of Brazil food delivery as of December 2025
Meituan/Keeta	gaining on	Keeta launched in Sao Paulo late 2025 with a stated $1B, 5-year investment plan
DiDi/99Food	contesting	99Food already runs delivery in Rappi's core Mexico, Colombia and Peru markets as of 2025-08
MercadoLibre	losing to	MercadoLibre runs 10,000+ vans, 260 trucks and 4 planes in Brazil, far exceeding Rappi's logistics scale
Amazon	contesting	Amazon holds a $25M convertible note with up to 12% equity warrant since Sept 2025, both partner and potential rival

Questions people ask

Is Rappi profitable in 2026?: Rappi's Colombian entity posted net profit of about $64.8M in 2025 on revenue of $236.6M, up 116% year over year and its second consecutive profitable year, per filings reported July 19, 2026. Globally, CEO Simon Borrero claimed four consecutive profitable quarters as of December 2025, though other markets are less disclosed.
Who owns Rappi?: Rappi is private, last priced at a $5.25B valuation in its July 2021 Series F led by T. Rowe Price, with backers including SoftBank, DST Global, a16z, and Sequoia. Amazon added a $25M convertible note in September 2025 carrying warrants for up to 12% equity if milestones are met.
Will Rappi go public soon?: CEO Simon Borrero floated a possible NYSE IPO in 2024, targeting roughly 12 months out, then referenced a 2025 to 2026 window. As of July 16, 2026, Rappi says it is prioritizing local expansion over listing, with no confirmed filing date.
Could AI replace Rappi's business?: AI is a tool inside Rappi, not a substitute threat: Oracle's AI Vector Search cut catalog search times 40% and Claid AI sped merchant onboarding by 87% (both vendor-claimed). Rappi's actual moat is physical last-mile courier density and financial licensing across nine countries, which generic AI cannot replicate.
Who is Rappi's biggest competitor?: iFood dominates Brazil, Latin America's largest market, with an estimated 80% share as of December 2025. DiDi's 99Food already runs food delivery in Rappi's core markets of Mexico, Colombia, Costa Rica and Peru, while Meituan's Keeta committed $1B over five years to Brazil starting late 2025.
Has Rappi raised new equity funding recently?: No priced equity round has closed since the $5.25B Series F in July 2021. Recent capital has instead come as debt: a $100M loan from Santander and Kirkoswald Capital Partners in August 2025, plus a $25M Amazon convertible note with equity warrants in September 2025.

Timeline

2026-07-19Colombia entity reports FY2025 revenue $236.6M, net profit $64.8M, second straight profitable year
2026-07-16Rappi says it is prioritizing local expansion over an IPO listing
2026-06-20Colombia's Law 2466 on platform work remains unregulated amid union dispute
2026-06-12ILO Convention 193 on platform work adopted, could tighten LatAm gig rules
2026-02Rappi reaches partial labor agreement with Colombia's platform workers union
2025-12Banorte completes $50M acquisition of RappiCard Mexico entity, 15-year fintech deal
2025-09-08Amazon invests $25M convertible note with warrants for up to 12% Rappi equity
2025-08Rappi secures $100M loan from Santander and Kirkoswald Capital Partners
2024-09-05Rappi acquires Fountain9 AI supply-chain assets for its Turbo rapid-retail vertical

Revision history

22 July 2026

First assessed. Losing its protection. The text above is fixed as of this date and is not edited afterwards.

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