(Bloomberg) -- Rappi Inc., one of Latin America’s most valuable startups, hired its first chief financial officer to prepare the SoftBank-backed delivery service for a future public listing.

Tiago Azevedo joined Rappi’s C-suite, based in Sao Paulo, following stints as finance chief for the Brazil divisions of MercadoLibre Inc. and The Hershey Company.

Bogota-based Rappi, which has expanded across the region since its founding in 2015, reached break even for the first time in late 2023. It’s still expanding, pouring money into Mexico, which is its largest market, and Brazil following the acquisition of a competitor. 

“We want to prepare Rappi to be ready for an IPO in the moment when it makes sense,” said Azevedo in his first interview since taking the position in late February. “There is no rush to go public, especially now that we are very stable in terms of projections for cash generation.”

After a downturn over the past two years, the market for public offerings of technology companies in the US has picked up, with Walmart-backed Ibotta Inc, social media platform Reddit Inc, and Microsoft Corp.-backed data security startup Rubrik Inc. all debuting in public markets this year.

Read: The US IPO Engine Looks Ready to Speed Ahead in Second Quarter

Azevedo said he’s focused on Rappi’s corporate structure for an eventual listing, though the company has not set a time line. “If it all works out, the IPO will come in the future,” he said. 

Oscar Herrera oversaw finance duties prior to Azevedo’s arrival, but the company hasn’t had an official CFO. Rappi generated around $800 million in net annual revenue last year while maintaining its employee count at around 4,000. 

It slashed marketing costs as part of a plan to stem cash burn. Better delivery algorithms, Azevedo said, helped it focus its services on customers that pay subscription fees. 

Rappi has expanded from a grocery and restaurant delivery business into an app that offers everything from travel packages to credit cards. It reached a $5.25 billion valuation in July 2021, the last date for which a figure is available. Investors have included Sequoia Capital, T. Rowe Price and SoftBank Group Corp., which made a $1 billion investment in 2019. 

Rappi is doubling down on a function that promises to make deliveries in 10 minutes or less, known as “Turbo.” It has also set aside $110 million for investment in Mexico operations and plans to integrate Box Delivery into its Brazil unit. 

It bought Box last year in its biggest acquisition ever to help it expand in logistics and delivery services. The company sees an opening to grow its market share in Brazil after a ruling by the nation’s antitrust regulator that affects how its competitor, iFood, was signing exclusivity deals with large restaurant chains. 

The decision “allows us to have a more competitive restaurant portfolio than we have ever had in Brazil,” Azevedo said. “Big chains like McDonald’s, Habib’s and China In Box will now be in our platform.” 

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