MADRID – Cabify, the international multi-mobility company, ended 2022 with results 32% higher than in 2021 globally, reaching $688 million in terms of gross revenue. Despite the last throes of the pandemic during the year, the company ended 2022 with a gross profit of $79 million (+32% vs. previous year) and reached breakeven levels, proving its ability to make its business profitable globally.
Similarly, at a global level, the company reported a 28% year-on-year increase in trips during 2022, reaching 91 million Cabify rides (including both the ride-hailing and the new business unit dedicated to logistics). In addition, it has reported a 29% year-on-year increase in the number of people who have used Cabify’s services. In terms of direct employment, Cabify’s technological platform’s team grew to 1,009 employees globally, 8% up vs. previous year.
Juan de Antonio, CEO and founder of Cabify, explains that “to continue improving our cities, we are committed to sustainable growth. We are able to generate our own resources that we invest in new services and products with high-added value for our users, corporate mobility clients, and collaborating drivers. And we have also attracted additional investment to accelerate our goals. If we want millions of people to decide not to use their private cars in the city, we must offer them safe, sustainable, and accessible alternatives that meet their different needs. We have a clear growth path ahead of us and expect our turnover to increase threefold in the next three years. On this path, we will continue to take steps to drive technological, business, and social change towards the multi-mobility of the future”.
Cabify: an ongoing commitment to sustainable mobility
Consistent in its commitment to environmental sustainability, during 2022, Cabify has reported significant progress towards its goal of achieving a fully decarbonized fleet by 2025 in Spain and 2030 in Latin America. Thus, Cabify has increased by 139% its fleet of electric vehicles globally, and by 178% in the number of kilometers traveled in electric vehicles during 2022.
In addition, although the company has increased by 26% the number of kilometers traveled globally compared to 2021, carbon emissions have only grown by 9%, and it has managed to reduce the average CO2 emission rate (g Co2/km) of the fleet by 10.8% in Spain and 14.8% in Latin America. In this sense, each car connected to Cabify in Spain in 2022 has had an average emission of 95.9 grams of CO2 per kilometer traveled, a rate that in Latin America stands at 103.3 grams of CO2/km.
Among the key steps to accelerate the transition to electric mobility, it should be noted that at the end of 2022, the company formalized a loan of 40 million euros from the European Investment Bank for a project totaling 82 million euros, focused on the acquisition of electric vehicles and the necessary infrastructure for their operation in Spain. In Latin America, alliances have been closed to promote hybrid and electric vehicles with partners like Ezero in Mexico.
Expansion and diversification
One of the main strategies the company follows in its path of sustainable growth is the expansion to other areas and regions in the countries where it is present. Thus, in 2022 Cabify extended its services to more cities in Latin America: Campana, Mar de Plata, Zárate, and Villa Carlos Paz in Argentina and Pasto in Colombia.
In May 2022, it launched in Spain the Cabify Eco category, exclusively for companies, which offers company employees to travel only in electrified vehicles (hybrids, plug-in hybrids, and electric). One year later, more than 80% of corporate trips made through the Cabify app in Spain are made in this category which has resulted in savings of more than 100,000 liters of fuel.
This year, Cabify has experienced important business milestones for the company, such as the launch of its new business division dedicated to B2B2C logistics, Cabify Logistics, currently present in 4 Latin American countries. By the end of 2022, the division reported revenues three times higher than in January 2022, expanding the coverage areas in the cities where it operates and adding more than 3,000 companies to its portfolio of more than 5,000 customers.
10 years in Latin America
In 2022 Cabify celebrated ten years since its arrival in Chile, Mexico and Peru, where it became the first mobility app to operate in these regions. The company’s local operations have corporate names and tax domiciles in each country, complying with the corresponding taxes according to the local tax system.
Cabify has continued to contribute to this region by strengthening its commitment to innovation and safety for both its collaborative drivers and passengers. Among other developments, the company implemented smart identity verification functionalities using biometric technology for safer rides for drivers and passengers. This new development is one of the best-rated by driver-users in the countries where it is active.
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Author: Theodore Koumelis