CargoX (IDBI-13095-01)

Countries
  • Brazil
Where the impacts of the investment may be experienced.
Financial Institutions
  • IDB Invest (IDBI)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jul 28, 2020
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
International Logistics Holding, LLC
The holder of the loan, grant, or other investment.
Sectors
  • Communications
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 10.85 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IDBI website

Updated in EWS Jun 26, 2021

Disclosed by Bank May 29, 2020


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Project Description

IDB Invest is considering an investment of up to US$15 million in CargoX (the "Company"). The latter is perhaps the largest trucking marketplace and online freight broker in Brazil. CargoX's platform enables truck owner-operators to make use of excess capacity and avoid empty return trips, thus improving freight visibility, reducing shipping costs, reducing emissions, and boosting income for truck drivers.

As the Company grows, it expects to positively impact thousands of truck drivers and small and medium enterprises across Brazil and potentially to Latin America. IDB Invest funds will be used for technology building, marketing & sales initiatives and general working capital needs.

During covid-19 emergency crisis, online platforms such as CargoX have become a key tool for resilience for the transport sector and supply chains in Brazil.

Investment Description
Private Actor 1 Private Actor 1 Role Private Actor 1 Sector Relation Private Actor 2 Private Actor 2 Role Private Actor 2 Sector
- - - - CargoX Transportes Client -

Contact Information

Daniel Ferraz
CFO
Telephone: +55 11 97625-6023

Email: daniel.ferraz@cargox.com.br

 

ACCOUNTABILITY MECHANISM OF IADB

The Independent Consultation and Investigation Mechanism (MICI) is the independent complaint mechanism and fact-finding body for people who have been or are likely to be adversely affected by an Inter-American Development Bank (IDB) or Inter-American Investment Corporation (IIC)-funded project. If you submit a complaint to MICI, they may assist you in addressing the problems you raised through a dispute-resolution process with those implementing the project and/or through an investigation to assess whether the IDB or IIC is following its own policies for preventing or mitigating harm to people or the environment. You can submit a complaint by sending an email to MICI@iadb.org. You can learn more about the MICI and how to file a complaint at http://www.iadb.org/en/mici/mici,1752.html (in English) or http://www.iadb.org/es/mici/mici,1752.html (Spanish).