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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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Delayed Japan Exchange  -  08:46 2022-06-30 pm EDT
5260.00 JPY   +0.48%
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Mexico's Nowports gains unicorn status after SoftBank-led funding round

05/24/2022 | 12:04pm EDT

MEXICO CITY, May 24 (Reuters) - Logistics startup Nowports became Mexico's newest "unicorn" when it announced on Tuesday that its valuation had climbed to $1.1 billion after a recent investment round led by SoftBank's Latin America Fund.

The startup, founded in 2019, closed a $150 million Series C round with investors, which included SoftBank, Tiger Global, Foundation Capital and Monashees among its backers.

Nowports, which operates as a digital cargo agent and aims to simplify international trade, plans to use the capital for its planned expansion in Latin America at a time when markets are still grappling with supply-chain disruptions and currency volatility due to the coronavirus pandemic and the war in Ukraine.

"Companies suffer uncertainty around how much it will cost them to move loads from point A to point B, especially due to the use of multiple currencies in international operations," 23-year-old Nowports co-founder Alfonso de los Rios said in a video interview.

"We have operated with about 14 currencies so far. We try to ensure that exchange rates do not generate losses or gains for the companies we work with or for ourselves," he added.

Brazil, where Nowports began operating in December with a three-person team, will be the startup's main focus for the rest of 2022. It is set to open an office in the southern port of Itajai and another in an as yet undetermined location. Staffing in the country has soared to more than 100.

"Brazil is the largest economy in Latin America and is very interesting in terms of foreign trade agreements," he said. "It is a country that not only imports, but also exports a lot."

Nowports also opened offices in Panama, Chile and Colombia in the first quarter.

Nowports is the first Mexican startup this year to join the unicorn club. Other Mexican unicorns include small business lender Konfio, payments provider Clip and used car platform Kavak, all of which are also SoftBank-funded. (Reporting by Valentine Hilaire in Mexico City Editing by Christian Plumb and Matthew Lewis)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CLIP CORPORATION 0.13% 771 Delayed Quote.-6.33%
EURO / BRAZILIAN REAL (EUR/BRL) -0.08% 5.4999 Delayed Quote.-12.61%
SOFTBANK GROUP CORP. 0.36% 5260 Delayed Quote.-2.01%
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Financials
Sales 2022 6 171 B 45 412 M 45 412 M
Net income 2022 728 B 5 355 M 5 355 M
Net Debt 2022 16 223 B 119 B 119 B
P/E ratio 2022 12,2x
Yield 2022 0,84%
Capitalization 8 413 B 61 912 M 61 912 M
EV / Sales 2022 3,99x
EV / Sales 2023 4,15x
Nbr of Employees 58 786
Free-Float 65,4%
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Mean consensus BUY
Number of Analysts 17
Last Close Price 5 235,00 JPY
Average target price 7 558,24 JPY
Spread / Average Target 44,4%
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Managers and Directors
Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
Yutaka Matsuo Independent Outside Director
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