Capsur has sharply reduced the valuation of Loggi in its portfolio, marking its position down from US$47.8 million in December 2025 to US$9 million in March 2026. The adjustment follows the US$75 million the asset manager invested in Loggi's Series F round in 2020. The new carrying value represents roughly 12 percent of the original capital committed to the Brazilian logistics startup.
Valuation Reflects Conservative Approach
The revised valuation was prepared by RSM Brasil using comparable company multiples and attributed an enterprise value of R$1.19 billion, or about US$227 million, to Loggi. That figure is based on 1.2 times net revenue over the past twelve months. Capsur told investors the markdown does not include a potential turnaround recovery, preferring to rebuild value from verifiable results.
The net asset value of the vehicle holding the Loggi stake fell from US$46.4 million to US$7.4 million during the quarter, a decline of roughly 84 percent. Capsur assumed direct management of the company and pledged to pursue cost cuts, repricing, and asset sales to reach breakeven. Marcel Arins and Marcos Amino took roles as co-chairmen, while Rafael Szarf became chief executive with a turnaround mandate.
Financial Strain in the First Quarter
First quarter results showed the need for change. Gross revenue was nearly flat at R$269.5 million, up only 0.2 percent year over year, while transported volume fell 13.4 percent to 16.3 million packages. The company burned R$31 million in cash during the quarter, including R$13.5 million in March alone. This performance placed immediate pressure on liquidity.
Loggi closed March with R$60.1 million in free cash, down from R$91.1 million in December. The deterioration accelerated leadership changes and prompted a more conservative approach to spending. New management moved to stabilize liquidity while preserving the operational network that supports deliveries across Brazil. These steps were designed to halt the cash burn without disrupting service levels.
Turnaround Measures and Asset Divestments
In April, Loggi sold automated sorting equipment installed at its Cajamar distribution center to Mercado Livre. The transaction is part of a broader plan to dispose of assets and return the Cajamar facility to Mercado Livre by the end of the year. Loggi intends to move to a smaller unit better matched to its current operational volumes.
Rafael Szarf, formerly chief operating officer of Zé Delivery and an executive at British American Tobacco, said the company has lifted its cash position to around R$100 million since the asset sale. Gross margin has expanded to 20 percent. Loggi expects to end the year with revenue near R$1.5 billion, close to the previous year's level.
Cost reduction also included approximately one hundred dismissals between March and April, concentrated in administrative and research and development areas. The cuts represented about 30 percent of those teams while preserving operational employees. Loggi now has around two thousand staff members, maintaining service quality while lowering fixed expenses and supporting the turnaround effort.
Outlook and Competitive Position
Szarf said Loggi expects to reverse its loss and deliver profit this year by eliminating operational inefficiencies. He previously participated in restructuring Itaú's bike operation, Tembici. With the company becoming cash generative, people close to the business do not see a need for a short term capital injection. The focus is on profitable market share gains.
Loggi operates ten distribution centers, forty owned agencies, two hundred fifty partners, and two thousand pickup and return points throughout Brazil. Since its founding in 2013, the company has raised more than US$500 million from investors including Monashees, SoftBank, GGV, Microsoft, and Sunley House. It reached unicorn status in 2019. These assets now support a more disciplined growth strategy.
The substantial markdown signals a more conservative valuation environment and the challenges facing Brazilian logistics startups after years of expansion. Capsur's direct involvement and Loggi's early progress toward breakeven suggest a disciplined effort to restore credibility. The coming quarters will show whether the turnaround can deliver sustainable profitability and long term value for stakeholders.
Source Pipeline