By Brazil Stock Guide — Brazilian food delivery giant iFood, controlled by Dutch technology investment group Prosus, announced on Tuesday (October 20) the acquisition of Caju, a startup specializing in employee benefits, corporate expenses and human resources management. The transaction marks the largest acquisition in iFood’s history and represents a major expansion of its business beyond food delivery.
The acquisition will be carried out through iFood Benefícios, the company’s employee benefits division established in 2020. Financial terms were not disclosed, but Caju is valued by the market at approximately R$1 billion ($200 million), according to UOL. The transaction requires approval from Brazil’s antitrust regulator, Cade, and the Central Bank. Both companies will continue operating independently until regulatory clearance is obtained.
The deal comes as iFood accelerates its expansion into Brazil’s employee benefits industry, a market worth approximately R$150 billion ($30 billion) annually. The sector serves more than 22 million workers at roughly 470,000 companies participating in the government’s Programa de Alimentação do Trabalhador (PAT), a tax-incentive program that encourages employers to provide meal and grocery benefits. The industry has historically been dominated by established voucher providers, but technology-driven competitors have been challenging traditional business models.
Arthur Freitas, head of iFood Benefícios, said the division has grown by approximately 80% annually over the past three years. He described the acquisition as a strategic move in an increasingly competitive industry, arguing that the combination would allow the company to offer merchants lower transaction fees. The acquisition also forms part of iFood’s previously announced R$24 billion ($4.8 billion) investment program for the fiscal year ending in March, according to Freitas.
Caju, which began operations in 2020, has developed a digital platform integrating flexible employee benefits, corporate expense management and HR services. Its offering extends beyond traditional meal and grocery vouchers to include mobility allowances, employee rewards and other workplace benefits. Co-founder Eduardo Del Giglio said the combination with iFood would expand merchant acceptance, strengthen online usage and accelerate product development. He will remain with the company following completion of the acquisition.
The transaction also comes amid regulatory changes reshaping Brazil’s employee benefits industry. Measures approved in late 2025 include a 3.6% cap on fees charged to merchants and requirements designed to open payment networks to greater competition. The changes could put pressure on established operators while creating opportunities for technology-focused companies seeking scale, broader acceptance networks and more competitive pricing.
For iFood, the acquisition offers an opportunity to diversify revenue and deepen its relationships with corporate customers at a time when competition in its core food delivery business is intensifying. Chinese-backed platforms Keeta and 99Food have been investing heavily in Brazil, joining established competitors such as Rappi and aiqfome. Expanding into employee benefits and HR technology could provide iFood with additional growth opportunities beyond restaurant delivery.
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