iFood buys benefits startup Caju in its biggest-ever deal
What's the deal? Brazilian delivery company iFood has agreed to acquire corporate-benefits startup Caju, which serves more than 70,000 companies and 1.3 million workers. The value was not disclosed, though UOL reports a market valuation near US$255.8M. The deal, iFood's largest to date, still needs approval from antitrust regulator Cade and the central bank.
What each side brings: Founded in 2020 and based in São Paulo, Caju offers flexible benefit cards covering meals, food, and mobility, accepted at more than 12 million merchants. It has also built tools for expense management and HR, with more than 700 staff. Combined, iFood Benefícios and Caju serve roughly 135,000 corporate clients and 3 million users.
What's the endgame? The purchase deepens iFood's push to cut its reliance on food delivery. In the fiscal year ended March 2026, it reported net revenue of US$2.58B, up 29%, with a third already coming from outside delivery — financial services, supermarkets, pharmacies, and management software.
Why now? Brazil's benefits market, worth about US$38.4B a year, is being reshaped by new rules under the Workers' Food Programme (PAT). Fee caps and shorter payment terms are already in force, and full card interoperability is due in November 2026 — raising the value of scale and technology.
"When the cost of the transaction falls, the establishment operates with more margin and can pass that gain on to the worker," said Arthur Freitas, chief executive officer of iFood Benefícios.
What could go wrong? Beyond regulatory sign-off, press reports suggest the deal could help iFood settle a five-year dispute over its PAT licence with the Ministry of Labour — but that has not been confirmed as an official aim. A previous attempt to buy rival AleloDealroom has a profile for this one. Try Dealroom → for about US$1.41B collapsed after the PAT overhaul.
The signal: The deal pits iFood more directly against Flash, PluxeeDealroom has a profile for this one. Try Dealroom →, Alelo, and TicketDealroom has a profile for this one. Try Dealroom → as technology firms crowd a market long dominated by card operators. With consolidation accelerating — C6 Bank struck a deal for Alymente in September — scale is becoming the price of entry.
Read more: exame.com
Image credit: Generated with Gemini
