Food delivery giant Meituan (3690.HK) announced it will expand its Keeta overseas delivery platform into Brazil, following launches in Hong Kong and Saudi Arabia. The company said Keeta will debut in Brazil “within the coming months,” with plans to invest $1 billion in the initiative over the next five years.
According to a report in the South China Morning Post, Meituan signed an agreement to facilitate the move on Monday in Beijing, with Brazilian President Luiz Inácio Lula da Silva attending a ceremony alongside Meituan founder and CEO Wang Xing. Wang described Brazil as a market with high potential, saying Meituan is committed to “enhancing the consumer experience, supporting restaurant partners in growing their businesses, and creating more opportunities for couriers.”
Meituan began exploring overseas markets in 2022, with Keeta already operational in Hong Kong and Saudi Arabia. In February last year, the company restructured several business lines, with Wang Xing personally assuming oversight of its global expansion.
The company noted that Keeta will establish a nationwide delivery network in Brazil and offer local food and beverage merchants a range of marketing and digital operation tools to help grow their businesses.
Despite the positive development, Meituan’s shares fell 4% on Tuesday, closing at HK$138.60.
By Lee Shih Ta
To subscribe to Bamboo Works weekly free newsletter, click here
