Mexican e-commerce aggregator Merama raises $215M from SoftBank and Advent, fueling LATAM’s 300% YoY market growth. Analysis explores regional adaptations of the Thrasio model and Mercado Libre’s 132M-user ecosystem.
SoftBank and Advent Ventures have invested $215 million in Merama, a Mexico-based e-commerce aggregator, amid surging demand for consolidated digital brands in Latin America. The funding comes as regional e-commerce grows 61% annually in Brazil, with Mercado Libre reporting 132 million active users. ‘This capital lets us solve fragmentation through technology and operational expertise,’ stated Merama co-founder Sujay Tyle in the company’s press release.
Thrasio Model Meets LATAM Realities
Merama’s operational model adapts the U.S.-originated Thrasio framework to regional challenges:
- 80% of acquired brands operate on Mercado Libre
- Custom logistics solutions for cross-border Chile-Argentina trade
- Average 40% margin improvement through centralized procurement
Market Dynamics and Risks
While Brazil’s digital commerce grew 61% in 2023 according to Ebit/Nielsen data, analysts caution about:
- Overvaluation of brands with <$2M annual revenue
- Dependence on Mercado Libre’s fee structure
- Regulatory scrutiny in Mexico’s new e-commerce laws
Historical Context: From Mobile Payments to Brand Aggregation
The current consolidation wave follows patterns seen in China’s 2010s tech boom. When Alipay and WeChat Pay digitized payments between 2013-2018, they created infrastructure enabling later e-commerce innovations. Similarly, Mercado Pago’s 70% adoption rate in Argentina now supports Merama’s cross-border operations. As noted by Americas Market Intelligence: ‘Successful LATAM models require hybrid solutions – neither pure copy nor complete reinvention.’
Pathways for Sustainable Growth
Beauty/personal care emerges as a key vertical, with Brazilian skincare brand Aqua de Cheiro achieving 170% sales growth post-acquisition. However, replicating Southeast Asia’s success requires addressing:
- 15% higher last-mile delivery costs in Colombia
- Localized digital marketing strategies
- Diversification beyond single-platform dependence
