Mercado Libre will invest 1.1 billion dollars in Mexico
Mercado Libre, the Argentinean e-commerce company, announced that it will invest 1.1 billion dollars in Mexico in 2021. The resources from this investment will be allocated mostly to the fintech solutions it offers through its subsidiary Mercado Pago and also to its subsidiary dedicated to financing Mercado Crédito. The e-commerce company announced that it expects to create 4,700 new jobs in its different service areas in Mexico.
This investment is greater than the sum of the investments that Mercado Libre has made in Mexico in the four most recent years, which reached 1.025 billion dollars. In 2017, the company invested 100 million dollars in Mexico; in 2018, this figure reached 275 million dollars; in 2019, it was 300 million dollars and in 2020, the investment was 420 million dollars.
The company led by Marcos Galperín also wants to expand its logistics network to enhance the operation of its delivery service Mercado Envíos; as well as to double the square meters of storage nationwide. Already in August 2019, regarding the arrival of his arrival at the head of Mercado Libre's operation in Mexico, David Geisen, advanced in an interview that his main objectives were to strengthen the fintech and logistics areas of the company.
In 2018, Mercado Libre announced the construction of two warehousing and distribution centers on the outskirts of Mexico City, and in 2020, it announced that it would invest US$27.1 million to build another of these centers in Jalisco. In addition, it announced the start of operations of its fourth warehouse in the city of Apodaca, Nuevo León, with 60,000 square meters of space.
During 2020, Mexico surpassed Argentina as the company's second-largest market, thanks to the fact that in that year the platform's sellers operating in Mexico sold 229.4 million items, which implies a year-on-year growth of 109.5 percent.