Rappi Acquires Fountain9 Assets to accelerate TURBO's retailing growth with AI and Offer Supply Chain Tech as B2B Solution

SÃO PAULO, Sept. 5, 2024 /PRNewswire/ -- Rappi, the leading on-demand delivery service in Latin America, today announced the asset acquisition of Fountain9, a pioneering company in India known for its innovative AI-driven supply chain solutions. As part of this strategic asset acquisition, Rappi acquires Fountain9 intellectual property and the existing team will join Rappi as part of the newly formed entity in India and the company will continue to support the existing F9 customer base and it lands a footprint in India to tap into the local talent base.

Fountain9, renowned for its AI-powered inventory planning platform, has significantly improved supply chain efficiency for numerous companies by providing state of the art demand sensing, pricing optimizations and predictive inventory planning. The platform leverages machine learning to forecast demand, reduce waste, and enhance overall supply chain performance.

The Rappi - Fountain9 journey began through their Y Combinator connection. Fountain9 proved transformational in boosting availability and reducing shrinkage in the operations of Rappi Turbo as a client first. This success instilled confidence in Fountain9's ability to drive growth and reduce costs which set the stage for a closer partnership to acquire the company's assets and team. "Acquiring Fountain9 assets is a game-changer for Rappi as we continue to push the boundaries of what's possible with AI and supply chain technology," said Felipe Villamarin, Co-Founder at Rappi. "This acquisition not only strengthens our TURBO operations but also allows us to offer state-of-the-art supply chain solutions to external partners, further establishing Rappi as a tech-driven company. We are excited to drive the energy around technology and financial management at scale, ensuring the procurement of the right SKUs and aligning with our future growth plans."

With this asset acquisition, the two co-founders, Niki Khokale and Rajas Lonkar as well as members of the team of Fountain9 will join Rappi, bringing their extensive expertise in AI and supply chain technology. This move is set to enhance Rappi's TURBO value proposition, further solidifying its position as a leader in the delivery industry.

"We are incredibly excited to join forces with Rappi. Our mission at Fountain9 has always been to harness the power of AI to transform supply chain operations. By integrating our technology with Rappi's extensive delivery network in LatAm, we are poised to drive unprecedented efficiency and innovation in the industry. We look forward to contributing to Rappi's vision and creating impactful solutions together." stated Niki Khokale.

Rappi's presence in India underscores the company's strategic focus on accelerating talent acquisition to strengthen its operations in Latin America. Although Rappi will not have operational activities in India, the asset acquisition of Fountain9 marks a pivotal step in positioning Rappi as a global magnet for top talent, further enhancing its success in the Latin American market.

About Rappi

Founded in 2015 by Simón Borrero, Sebastián Mejía, and Felipe Villamarín, Rappi is Latin America's first Super App, revolutionizing the way people interact with their cities. Headquartered in Bogota, Mexico City and Sao Paulo, Rappi has rapidly expanded to operate in nine countries across the region, including Brazil, Argentina, Chile, Mexico, Peru, Costa Rica, Ecuador, and Uruguay. Rappi offers a comprehensive range of services, from food delivery, groceries, and beverages to e-commerce, travel, financial services, and more. For more information, visit about.rappi.com

Rappi Turbo

Rappi Turbo is a groundbreaking service from Rappi, designed to redefine convenience in urban living by delivering essential products in less than 10 minutes. Available in major cities across Latin America, Rappi Turbo brings groceries, personal care items, and household essentials straight to users' doors with unmatched speed and reliability. In addition to everyday essentials, Rappi Turbo also offers Turbo Restaurant delivery, bringing meals from top restaurants to customers in less than 30 minutes. Powered by strategically located dark stores and cutting-edge logistics, Rappi Turbo ensures that customers have access to what they need, when they need it—whether it's a last-minute ingredient for dinner or a quick meal from their favorite restaurant. For more information, visit about.rappi.com

About Fountain9

Fountain9 is a pioneering technology company, specializing in AI-driven solutions for supply chain optimization. Leveraging advanced machine learning algorithms, Fountain9's platform offers cutting-edge tools for demand sensing, pricing optimization, and predictive inventory planning. By providing real-time insights and accurate forecasts, Fountain9 helps businesses reduce waste, improve efficiency, and enhance overall supply chain performance. Founded by Niki Khokale and Rajas Lonkar, Fountain9 is committed to transforming supply chain operations across industries, empowering companies to make data-driven decisions that drive growth and profitability. Both founders are ex-Googlers and Carnegie Mellon alums.

SOURCE Rappi