-25%

est. 2Y upside i

E-CommerceFinTechSeed

On-demand delivery and super app platform for Latin American markets

Rank

#2874

Sector

E-commerce, Fintech, On-demand Delivery

Est. Liquidity

~2Y

Data Quality

Data: Medium

Rappi's common equity offers limited upside given a massive preference overhang of $2.46B and a secondary valuation of only $2.73B.

Last updated: July 19, 2026

Bull (15%)+69%

If IPO window opens and Rapii achieves 4.5x revenue multiple, common equity value reaches $4.6B, a 69% upside.

Base (45%)+11%

Multiple converges to 3.5x forward revenue, enterprise value $5.5B, common value $3.0B, modest 11% gain.

Bear (40%)-100%

Due to intense competition and regulatory headwinds, enterprise value falls below $2.46B preference stack, making common stock worthless.

Est. time to liquidity~2.0 years
Adjusted for competitive dynamics: -27% (raw: -25%, adjustment: -2%)

Preference Stack Risk

severe

Funding Intensity

9020%

Total preferred liquidation preference of $2.46B vs common equity value of $2.73B (90% overhang), meaning common stock receives only residual after preferred.

Dilution Risk

low

Rappi is profitable and has access to debt, reducing likelihood of dilutive equity raise in 2 years.

Secondary Liquidity

moderate

Secondary transactions are active but at a ~50% discount to primary valuation, indicating limited liquidity for common shares.

View all 2 open roles at Rappi →

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Rappi's data — designed to show you've done your homework.

  • 1

    “How does Rappi plan to differentiate its super app from Mercado Libre's ecosystem?”

  • 2

    “What is the company's strategy for handling gig worker regulations in Brazil?”

  • 3

    “Given the high preference stack, what is the realistic path to common equity liquidity?”

Community

Valuation Sentiment

Our model estimates -25% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.