YouSaid · the spoken record

Simón Borrero

lines on the record: 30
first: 2021-03-18
most recent: 2021-03-18
sittings or episodes: 1
sources: podcast

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“Help with a lot of things, and RAP is going to be able to provide not only groceries and restaurants and pharmacy, but also everything for your pets, services, your credit cards and bank accounts. We launched last week in Mexico. We're launching in Brazil and we had tens of thousands of people already in waiting list. So it's an opportunity to with small incremental changes improve people lives. And again, keep working on those retention cohorts and build this fan base. Rapi's not going to be the largest company in terms of number of users. It's going to be the largest company in terms of strong fan base. And what we're seeing is that 70% of our GMB comes from these users that really understand RAPI, and that's where we're focusing.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“The next five years for us are going to be about extending what we can offer our power users. So we are a lot more focused on our high frequency users than in competing for cheap burgers, for users that only order because of a discount. We target users that have most of things in life, but they don't have time. And our real purpose is to give time back to people and to families and to be able to do that, we are learning what else can we provide. And for example, we're now entering into pets, and users are loving our services and assortment of pets. We're now going a lot deeper into all of the baby category, and we are going into fintech and banking.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Well, in terms of business, leaders for sure Jeff Bezos, I think it's a super competitive industry the one that Amazon is in. And I just read his new book Invent and Wonder and It's Pure Wisdom in every single page so that guy is impressive and then in terms of human beings my grandma she's someone that had eight kids and I've never heard her complain in all my life. It's amazing how she always have a smile to every single situation and I've learned a lot from that like there's no time in life to complain.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“I think that to be able to be successful in this type of jobs, you don't have to take yourself too seriously in the sense that you don't have to feel that proud of the things that you do well or that shameful of the things that you don't, you just have to have a bit of perspective and move on and learn and keep working. So to be honest, if you tell me what's your greatest accomplishment or your greatest failure, I wouldn't be able to respond. I'm not fixed in the past in that sense. Okay.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“The hardest part is to not ever get comfortable as a boss or a leader. You can spend a lot of time just asking people to report things to you and to be able to always start your day with the difficult things, with uncomfortable things, with the things that you don't want to do day after day after day. I think that's the biggest challenge.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“The prosperity paradox that shows how via innovation you can take countries out of poverty. That's our real, real passion.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“To be honest, I don't think about stress. I imagine that I'm stressed. I'm not going to tell you that I know how to manage stress, but I don't even think about stress. Cause there's so much energy in the team and so much things to be done that the beauty of rap is that you forget about yourself. And honestly, I sometimes forget about even having lunch because we are just creating stuff or executing and again, this is not for everyone. A normal human being that wants a bit more of balance in their life is not going to be super happy and rapy. But as Jeff Bezos says, it's not about balance. You only have one life. It's about energy. And this job gives you a lot of energy. And if you have energy, even if you only have one hour for your family, you're going to make them laugh and you're going to hack them and you're going to be happy with them. So I think that's what we are trying to create here.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“The honest answer is purpose, impact, the opportunity to build something larger than all of us. And if you compare this business with the same business in other parts of the world, with the poverty and opportunities in Latin America, it's tangible impact what we're creating and missionars love that. So you have to convince people that are smarter than you to come to work with you. And I find that really hard. Why does someone that is smarter than me will come to work with me? And the answer is they don't come to work for me. They come to work for a mission and for a purpose that is larger than us and rappies like this platform for amazing entrepreneurs to be able to explain.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Advantage that we are local and we understand that something like rapid cash is amazing for our users and that something that now after five years of relaunching this, Uber is starting to talk about that idea. So I think being locally super important. Then it comes to the more personal doubts and that, well, for sure, like I had another company before and another before and I had managed 300 people, but now I'm managing a team of four thousand people, a hundred and fifty thousand couriers in the region. It's a challenge that of course I was sent ready for it. So how do you compensate for the lack of experience getting to work and reading and asking for feedback and understanding that you are going to have to evolve as fast as your company? And that's an amazing challenge. Not an easy one, but an amazing one.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, that's a good question. So, in terms of the other guys, I don't, because for Latin Americans, like we had a culture that we always were thinking that Americans or Asians or everyone was smarter people. But when we went to California and we work with other YC teams, these guys were amazing, but our Mexican, Colombian engineers are at the same level as Silicon Valley guys, and the talent is there. It was a lack of mindset and a lack of believing that we could build a world-class company. And Mercoli has shown valuation of a hundred billion. It has shown that in Latin America, there's going to be a lot of other $100 billion companies. So you have the talent. We've removed these glass ceilings of what Latin Americans can accomplish. So as a team, I think that we can compete head-to-head with all of these other amazing guys.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, so we're super grateful about competition because, for example, five years ago, we used to send the courier to the restaurant to place the order in the restaurant. So of course that's not the most efficient way. They had to drive to the restaurant, order, and wait for fifteen minutes until the burger was cooked. Thanks to competition and to burrites, for example, they came and of course they had already the tablets for restaurants and they sent the order and the restaurant accepted the order and we had nothing when they landed. So thanks to them we accelerated in so many ways that made our service a lot better and it's great to have good competitors because you're always moving faster and faster and there's a saying in Latin America that you run as fast as the Doberman that is running behind you and that's life. So we have a lot of Doberman's running behind us. So yeah for us we see it as”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Be clear RAPI is unit economic profitable globally in nine countries that we operate so it's not acceptable for us and I think for anyone in this world now to have negative unit economics.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“At the beginning, it was four months. It wasn't that different. It depends on how you spread the investment. So if you go and open ten songs, but to open ten songs, you're putting a bit less money in each, then it'll take a bit longer. But if you open ten zones and you put the same investment that when you were opening only one at a time, you get there in the same three and a half months.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“To do a hundred and you start the other stores and of course building those stores and putting the furniture of those stores costs you a lot of money. So people tell you, hey, you are crazy, you're burning money. What about the economics? It doesn't make sense. No, dude, relax. Look at my economics in the zones that I'm already mature. I know how to replicate the east. I'm just opening more stores. And I have to wait until I have finished remodeling the stores, let's say, for me to earn money in these other stores. That's the analogy.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a very good point, Harry, and it's growth growth, growth when you've cracked unit economics. If you haven't cracked unit economics, it's unsustainable to scale. So you have to crack unit economics and then go as fast as you can, knowing that you're going to be burning a lot of money to grow. The perfect analogy for Rapi is think about like a store for a coffee shop. You open a coffee shop and you make it work. So you are making money in that coffee shop. So then you go to an investor and you tell him, hey, I want to scale faster in the past. You had to wait till you made a lot of money in that one store and with the savings of that store you go and open the second and the third store. But then today, of course, you go to an investor and you tell them, hey, look at this store, look at this beautiful retention, look at this beautiful economics of this one store. I want to do a hundred. And then they give you money.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, first of all, with a lot of responsibility, because we were the first ones to be raising these amounts of money in Latin America, and we knew that if we fucked up, there wasn't going to be a lot of money for the continent. So a lot of responsibility, not only from us, but from all of the team. And of course, we've made a lot of”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, lots of stories there, but to tell you a funny anecdote, we were at another investor and we had the partner meeting in Sequoia and we're at another investor very close by in Palo Alto, but we were very tight. We tried to order a car and there were no cars available, so we had started like jogging to the meeting, but we were not going to make it. And then a track, like a sewage track, stopped by and we tell him, hey, please help us take us to the meeting. And it was a Latin American guy, so we made a great connection. And the guy took us to the meeting. And this big switch truck said, service you can trust. And we got to the front door of Sequoia in that truck. And we have a beautiful photo with the truck. And we got there in time for the partner meeting. So it was super stressful. But then thankfully, it went well and we made it.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Are twice as good as them because of the multivital approach. So the numbers picked by themselves and that's what really help us accelerate and be able to fundraise.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“So, a lot of things people always ask me because we've raised a lot of money, so they ask me, hey, what tips? And the real answer is you have to understand in what game you're playing. And this game is called growth. And what's important for early stage investors is number one, growth, number two, growth, number three growth. And that's it. We were growing like hell and that made it easy because we went to a meeting and American investors say like, oh shit, like we love the team. We love the mission. We love attraction, but this feels very far from us. This is like, no, Bogota is the same as Zimbabwe. It's like super far away from what's normal for Americans. But traction and growth made them say, like, we're going to follow this. We had amazing cohorts and our dollar retention is world class. Door just published her dollar retention cohorts and are amazing.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“The amazing thing is that in countries like Colombia, seventy percent of the population seven zero percent earn less than two minimum wages per hour. So we are unfortunately poor countries, so it's an amazing opportunity and we have thousands and thousands of stories of guys that had paid for school, guys that have learned how to code and now work in startups coding because they had this opportunity. People that have paid for the education of their family. So it's super powerful for us and it's something that gives us a lot of purpose to be able to give these opportunities in Latin America.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, here is the opposite. We don't struggle at all because there's a lot of unemployment in Latin America and underemployment also. So these are a lot of people that either they don't have a job or have a job that pays less than the legal minimum wage. So there's a lot of people looking for opportunities and most of our careers are students are paying their careers because of working and weekending rapid. And there's another very important point for Latin America and that if you connect and do orders for an hour in Rappi, you'll earn in average twice the minimum wage of Latin America. So that's very different to Europe where sometimes it's kind of the same but not with benefits and there's this big issue. Here these guys are making twice the equivalent to twice of the minimum wage per hour. Of course our independent contractors, they can connect and disconnect at any time.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“The cash for them Latin America, everyone uses cash, we would deliver cash for them in 15 minutes to their home or to a restaurant or whatever. And that grew amazingly well. It became five percent of our orders in year two. So it was about listening to users and moving fast. So to be super clear, when was the right time when users started asking for it?”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“For us, it was just listening to users because, again, Rapi wasn't an amazing idea from any of the founders. Rapi launched as only groceries on demand, but then we were lucky enough, we had a blank field where users could order anything. And that blank field started to become for us a great way of listening to users and move fast and get them what they wanted. So they started asking for restaurants. We got an order from a user in this plank field that said, hey, I need the equivalent in pesos of $100 and I need it in my house because I need to pay someone. And any other company I believe at Listen Latin America would say, okay, this is a joke. Let's don't look at that and let's continue working. After 48 hours after reading that message, we implemented an on-demand ATM where users could order the equivalent to $100 or $200 and a courier will deliver.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“It was hard, mostly for the premium restaurants, because they didn't conceive the idea of their amazing plates traveling in a bag of someone riding a bike, because these chefs put so much energy and love into each detail that for them it was almost impossible. So we had to work with them and work in the packaging. I remember that we used to do trials, so we went and we picked up the food and then we delivered the food and we took the temperature of the food and we checked every detail and we videotaped that then go back to the chef and it was super hard but thankfully it's now obvious that you can order from a Michelin star restaurant and with good packaging you can have a fabulous meal at home”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“So, for us in America, it's two. If you are doing two orders per hour, you're good. And it's all about concentration of restaurants and CPG stores in a certain microzone and concentration of users. So to get the flywheel moving, you have a lot of users ordering from a lot of restaurants that are very near from them. So if you're a courier, your delivery time goes down because users are very near to the restaurants and they can go and deliver one order and then pick up the next one very close to where they delivered that pass order and everything starts to work well.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Cracking unit economics was breaking even in every order, and it has a lot to do with the efficiency of the fleet. So how many orders per hour can occur deliver in a certain zone that's key?”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Super important because this business has hyper local network ethics. You need to make a specific user fall in love with your service so that specific user in a specific neighborhood in Bogota or in Sao Paulo, she or he gives a shit if you have a hundred thousand restaurants in other cities. She or he only cares about the important restaurants in that neighbor and that the service is amazing in that neighborhood and for that you have to have a lot of density in terms of numbers of merchants and couriers concentrated in small radius for the service to be great. So if you started to launch all around you would have a crappy service with not an amazing offer or assortment for users and I think that's what Rappi did well at the beginning. We focused in very small zones until we got fans and after we cracked that zone and we cracked that unit.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“At the beginning, we raised money from friends and family, and they asked me, okay, for how long is this money going to be enough? And my honest answer was if we kill it, I'm gonna need money very soon again. And if it's not working, I think this money is going to be good for a while. After a month and a half of lunch, I was asking my investors to give me more money. So in that moment, I think that we were all getting into the idea that this was going to be big.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Gave us the opportunity to listen to them and they started asking for a lot of more staff and that's why Rapi started to have also restaurants, pharmacy and everything that has today.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source
“Ruppies started five years ago. We were working in a B2B startup called Rability, where we licensed software to the largest supermarkets all around the world. And we were seeing that users were super happy with that experience inside the app, but not with the logistics and they hated groceries that take twenty four hours or forty eight hours to get there. So we said, hey, why don't we try to do everything ourselves via this on-demand model? We started in a small neighborhood corner shops delivered in twenty minutes and that was it. That was all rapid. So we started. We thought it was going to be amazing. We had no users. So we had to go to the streets and we actually started giving away donuts for downloads. And that's how we started to gain traction in a very small neighborhood in Bogota. And we started not only acquiring users, but of course giving away donuts to them.”
2021-03-18 · The Twenty Minute VC · 20VC: Rappi Founder Simón Borrero on Growth vs Profitability, Capital Efficiency, Raising $1.7Bn as a LATAM Company and Why Uber Eats Did More To Help Than To Hurt Rappi · IDENTIFIED FROM THE TRANSCRIPT · source