The Cisneros Group of Companies, through its Cisneros Interactive Group (CIG), made an initial investment of $10 million in Mobly, Brazils leading home furnishings webstore and part of Rocket Internets corporate portfolio. The total investment could top $20 million in a year.
This investment is part of our commitment to diversify and strengthen our digital business network in the areas of e-commerce and digital advertising, emphasized Adriana Cisneros de Griffin, Vice Chairman & Vice President of Strategy of the Cisneros Group. Mobly is about to break into the traditional retail market of home furniture and décor and expand its dominance throughout Latin America, having the industrys leading selection of top-quality items, excellent customer service and fast delivery thats second to none.
Mobly was launched in Brazil just over 18 months ago and has already more than 6 million visits per month. Today, its catalogue exceeds 45,000 products and it has positioned itself as a favorite among consumers in this highly competitive and segmented market. Traditional retailers cannot afford to offer such an ample portfolio or to house such a vast inventory of products.
At Mobly, we offer quality products, in addition to a comfortable and pleasant shopping experience thats also fast and intuitive; the website has already surpassed the mark of 300,000 products sold and we closed our first fiscal year with a total revenue of $180 million in sales, stated Victor Noda, Moblys co-president, along with Marcelo Marques and Mario Fernandes.
With its extensive digital catalog and fast execution of orders, Mobly has grown more than 150 times since its first month of operations, attracting a large number of customers whove never purchased such items online.
Brazil represents almost 65% of the e-commerce in the region and it continues to grow thanks to the progression of the countrys middle class, the penetration of the Internet, and the surge of credit cards and other electronic payment methods.
Its a market with great potential, said Victor Kong, Chief Digital Officer of the Cisneros Group.
In 2012 the Cisneros Group of Companies founded RedMas, an online advertising network with 60 million unique users in Latin America and the U.S. Hispanic market, and which is the exclusive representative of Yahoo! in Venezuela and Peru. In addition, CIG acquired Adsmovil, the largest mobile ad network to serve the Hispanic community in the United States and Latin America in both Spanish and Portuguese.
With RedMas and Adsmovil, CIG is setting the mark as a leader in digital advertising industry with offices in the United States, Mexico, Colombia, Venezuela, Peru, Brazil, Chile, Argentina and Uruguay.
In addition, CIG continues its expansion in the e-commerce sector, investing in Cuponidad, a daily deals website in Colombia, Peru and Venezuela; Idea.me, a crowdfunding website that covers Latin America; and Queremos, a fans-funding site for concerts and events.