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Cabify’s global business grows by more than 30% for the third consecutive year and reaches US$900 million in gross revenue

Cabify reports a 30.7% increase in gross revenue for 2023, reaching $899.1 million. The mobility company continues its commitment to sustainability, reducing CO2 emissions and investing heavily in R&D
Cabify's global business grows by more than 30% for the third consecutive year and reaches US$900 million in gross revenueCabify's global business grows by more than 30% for the third consecutive year and reaches US$900 million in gross revenue
  • The Ibero-American mobility company closed 2023 with a total gross revenue of $899.1 million, up 30.7% from $688 million in 2022.
  • Cabify’s gross profit has grown to $111.1 million, up 40.9% year-on-year, and maintains break-even in terms of EBITDA globally, improving on 2022 results. 
  • In 2023, Cabify’s investment in R&D amounts to $23.9 million, an increase of 33.6% compared to 2022.
  • In line with its commitments to decarbonize the fleet connected to the platform, Cabify has managed to reduce the average CO2 emission rate per kilometer traveled by 6% in Spain and 2% in Latin America.

Madrid, May 29, 2024. Cabify, the Ibero-American mobility company, continues to make progress toward achieving the objectives set out in its Sustainable Business Strategy, as reflected in its Annual Sustainability Report for the last fiscal year. 

2023 was the best year in the company’s history in terms of business, with gross revenue growth of 30.7% to reach 899.1 million dollars. Globally, this is the third consecutive year with the company’s gross revenue growing by more than 30%, after recording a 32% increase in 2022 and 44% in 2021, a year marked by the pandemic’s consequences. Also, the company’s gross profit rose to $111.1 million in 2023, up 40.9% compared to 2022.

Among the company’s challenges, maintaining economic profitability is one of the main ones. It was the first company in the sector to achieve it in the last quarter of 2019, and reached it again in 2022, already in a full year. On this point, Cabify has maintained break-even in terms of EBITDA in 2023, and even improved this operating metric in the last year.

In its ride-hailing vertical, Cabify’s main business, the variation by region, which the company divides into Spain and Latin America, has been very similar in terms of gross revenue, with growth of 32% and 29%, respectively.

Regarding Cabify Logistics, the company’s newest vertical, Cabify continues to invest in its profitable growth. Although it still represents a small percentage of the company’s total business, Cabify Logistics doubled its results in 2023 thanks to the expansive growth of new business lines such as 24-hour deliveries. This business division, which is present in Argentina, Chile, Colombia, and Peru, shows growth that reflects the great opportunities present for the company in these markets.

Juan de Antonio, CEO and founder of Cabify, explains that “the results obtained in 2023 are a reflection of the trust that users and companies place in Cabify. Day after day we help millions of people move around cities sustainably, reducing dependence on private cars, generating income for hundreds of thousands of drivers who connect to the app, and improving the quality of life in these cities. Our success depends on continuing to generate this positive impact in an increasingly visible and palpable way. In financial terms, the profitability obtained leads us to have the necessary resources to increase the impact we generate in the cities where we operate, improving the income of our collaborators and expanding the available resources with new areas, services, or categories. We will continue to invest to drive technological, business, and social change towards the mobility of the future”.

More than $75 million invested in R&D&I in the last 5 years

One of Cabify’s commitments is related to the company’s investment in research and development projects, with the aim of providing safe, sustainable, and accessible mobility solutions in the cities where it operates. Reflecting this commitment, Cabify’s R&D investment in 2023 amounted to $23.9 million, 34% more than in 2022. The company has invested more than $75 million in the last 5 fiscal years.

Regarding tax contribution, Cabify operates with local companies in all countries where it has a presence and, therefore, pays locally the taxes corresponding to its activity in these countries.

More than 300,000 drivers and 1,200 employees worldwide

2023 has also been a good year for Cabify in terms of employment generation, as it has increased its volume of employees by 22% to more than 1,200 people at the end of the year. Approximately 46% of these professionals are based at its headquarters in Spain, in Madrid, while the other 54% operate locally from the different markets in which it is present or remotely.

The growth in terms of collaborating drivers and cab drivers has been similar globally, with 20% of new professionals connecting to the app to carry out their activity. In total, more than 310,000 collaborating drivers worldwide have made at least one trip connected to Cabify’s app in 2023.

Cabify continues to make progress toward its decarbonization goals

The company continues to make progress in meeting the electrification challenges set out in its Sustainable Business Strategy, such as achieving a fully decarbonized fleet by 2025 in Spain and 2030 in Latin America. Thanks to the efforts of collaborating fleets, freelancers, and Cabify’s fleet, it has managed to reduce the average rate of CO2 emissions per kilometer traveled by 6% in Spain and 2% in Latin America. 

In the case of Spain, the volume of kilometers traveled in vehicles with the Zero label has tripled in the last year, and already one out of every four vehicles in the fleet of Vecttor, Cabify’s subsidiary, has this label. More than 90% of the total number of kilometers traveled in Cabify have been in cars with ECO or Zero labels. In Latin America, the volume of electric vehicles has multiplied by 1.5 in the last year.

Among the most important milestones, Cabify announced the purchase of 200 100% electric cars in Spain by the end of 2023. This operation is part of the decarbonization project of the fleet operating on the Cabify platform, with the support of the European Commission, which, through the European Investment Bank (EIB), is co-financing this transformation, both for the acquisition of vehicles and its own charging infrastructure. In Latin America, the company continues to progress with the strategic alliances it has entered into in recent years, enabling it to continue incorporating hybrid and electric cars into its fleet.

Cabify Foundation, a new project to improve cities One of the most relevant milestones in 2023 has been the Cabify Foundation, with which the company seeks to strengthen its environmental, social, and technological commitment and have an impact beyond mobility. In this sense, Fundación Cabify will undertake its own projects and support different initiatives in Spain and Latin America to generate a change that impacts how people live in cities and their relationship with the environment.

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