Latin America’s largest e-commerce platform, Mercado Libre will invest $1.47 billion to grow its Mexican operations by enhancing its technological arm, boosting logistics and developing key categories, including apparel. The sum represents a 34 percent increase in investment over last year.

Mercado Libre announced this new round of investment just two days after releasing a quarterly financial report which showed its consolidated net revenue in Mexico increased by 104 percent year-on-year (to $1.17 billion), the highest increase in the region.

The e-tailer, which operates in 18 countries across Latin America, has invested $2.2 billion in the country over the last five years. David Geisen, Mercado Libre’s Mexico country manager told Reuters that Mexico is a “priority” for the group.

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Mercado Libre’s 2021 Net Revenue Up 78% to $7.1 Billion

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