MercadoLibre to invest $11 billion in Brazil this year
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FILE PHOTO: An employee of e-commerce MercadoLibre works at the company's offices in Buenos Aires, Argentina September 6, 2024. REUTERS/Agustin Marcarian/File Photo
SAO PAULO, March 24 (Reuters) - E-commerce firm MercadoLibre will invest 57 billion reais ($10.9 billion) in its main market Brazil this year, up 50% from 2025, it said on Tuesday.
MercadoLibre said the amount, which includes some operating costs and expenses, will be mainly used on logistics expansion, as well as to strengthen its e-commerce marketplace platform and to increase the credit portfolio of its fintech Mercado Pago.
The company, which is based in Uruguay but relies in Brazil for over half of its revenue, plans to open 14 fulfillment distribution centers in the country this year, reaching 42 total.
MercadoLibre added it will create some 10,000 jobs in 2026 in Brazil this year, with a focus on logistics, financial services and technology, increasing the total number of employees in the country to more than 70,000 people by the end of the year.
The firm said earlier this month it would invest $3.4 billion this year in Argentina, its third-largest market by revenue, behind Mexico and Brazil.
($1 = 5.2546 reais)
(Reporting by Andre Romani; Editing by Kylie Madry)
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