Research
Retail tech: capital, debt and M&A in Mexico 2026
A USD 677 million IPO, a USD 100 million credit line for quick commerce, a rescue with USD 100 million committed and a convertible note from Amazon mark the sector’s transaction cycle.
Sectors
Retail tech
Thesis
Technology for physical and digital commerce sells to retailers who buy on measurable return: traffic, conversion, inventory and store operations. Businesses combining hardware with recurring software must demonstrate software margins and international expansion to be valued as such. We advised Getin’s seed round with LDM Capital, a company present in more than twenty countries.
Buyer and investor dynamics
Investors are funds with commerce software and data theses. Strategic buyers are retail technology providers, payments and point-of-sale platforms, and retail groups internalising analytics capabilities.
Sector transactions
Sector research
Capital, debt and M&A in the sector, with public sources cited.
Public multiples
Listed comparable companies in the sector: price, market value, multiples and expected growth. Data as of 31 August 2026.
- 2.3x Median EV / revenue CY 26E
- 16.9x Median P / E CY 26E
- 14% Median revenue growth CY 26E
- 16 Companies in the universe 5 LatAm
Market transactions
Analyses of recent deals in the sector: structure, value drivers and what they signal to the market.
Deal analysis
Amazon enters Rappi: USD 25 million convertible note with an option for up to 12%
Amazon took a minority position in Rappi through a USD 25 million convertible note and an option to acquire up to 12% of the company, weeks after the platform closed a USD 100 million senior secured facility.
Deal analysis
DoorDash closes the Deliveroo acquisition: consideration of USD 3,724 million
DoorDash completed the acquisition of Deliveroo in October 2025; consideration transferred was USD 3,724 million according to its 10-Q, with USD 1,981 million of goodwill, a reference for last-mile consolidation in Mexico.
Deal analysis
eBay acquires Depop from Etsy for USD 1.2 billion in cash, about 1.2x gross merchandise sales
eBay bought Depop from Etsy for USD 1.2 billion in cash plus about USD 200 million of adjustments and interest, around 1.2x 2025 gross merchandise sales, a reference for resale marketplaces in Mexico.
Deal analysis
Faire: secondary tender offer at a USD 5.2 billion valuation
With no primary capital and annualised revenue above USD 500 million, the wholesale marketplace sets a valuation 58% below its 2021 mark and gives employees liquidity ahead of a public listing.
Deal analysis
Gopuff: USD 250 million round led by Eldridge Industries
The instant-commerce operator with its own micro-fulfilment network raises capital with a long-term investor in the lead, at a reported valuation 43% below 2021, while quick commerce loses share among digital shoppers.
Deal analysis
Klarna: USD 1.37 billion NYSE IPO and USD 2 billion forward-flow facility with Elliott
Klarna placed 34.3 million shares at USD 40 on the NYSE and six months later expanded its forward-flow agreement with Elliott to USD 2 billion; a US reference on how BNPL separates equity capital from loan-book funding.
Deal analysis
Mercado Libre: USD 750 million 4.900% senior unsecured notes due 2033
Mercado Libre placed USD 750 million of senior unsecured notes due 2033 after a quarter with USD 421 million of net income, and six months later announced a USD 4.6 billion investment in Mexico for 2026.
Deal analysis
Grupo OMNi acquires Jüsto and commits USD 100 million in the first year
One month after Jüsto suspended operations, Grupo OMNi acquired the shares of Jüsto USA at an undisclosed price and committed USD 100 million to restart the online supermarket, while FEMSA and General Atlantic exited the capital.
Deal analysis
Rintin: USD 6.2 million led by Cometa for B2B supply to small merchants
Rintin raised USD 6.2 million with Cometa as lead investor to scale in Mexico a platform that combines wholesale supply, credit and logistics for more than 12,000 small merchants, with Argentina as the next market.
Deal analysis
Tiendas 3B: USD 497.2 million follow-on offering on the New York Stock Exchange
BBB Foods placed 15,299,800 Class A shares at USD 32.50 in a mostly secondary offering that gave liquidity to pre-IPO shareholders and left the company less than 18% of the proceeds for its store opening plan.
Deal analysis
Walmart acquires Vibe.co: connected TV advertising for SMBs at about USD 1.4 billion
Walmart Connect bought Vibe.co, a self-serve connected TV advertising platform with more than 10,000 advertisers, for an undisclosed price that The Wall Street Journal put at USD 1.4 billion, a reference for retail media in Mexico.
Deal analysis
Whatnot: USD 545 million Series G at a USD 20 billion valuation
Four rounds in nineteen months and a GMV that doubles every year take the live-shopping marketplace from USD 5 billion to USD 20 billion; a price reference for social commerce in Latin America.
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