Brazilian delivery giant iFood, controlled by Prosus, is in advanced negotiations to acquire employee benefits provider Caju in a transaction valued at R$1 billion, according to sources familiar with the matter. The deal could be completed by the end of this month, media reports indicated. The acquisition would significantly accelerate iFood's expansion into the benefits market, where the company aims to become the national leader within three years.
Strategic Rationale
iFood Benefícios, launched in 2020, currently has 1.5 million active users and serves 65,000 companies across Brazil. Acquiring Caju would raise the combined user base to roughly 3 million, surpassing competitor Flash. The move forms part of iFood's strategy to diversify beyond food delivery and strengthen its ecosystem with adjacent services.
Caju was founded in 2019 by Eduardo del Giglio and offers a Visa-branded card covering meal, food, mobility, culture, health, and pharmacy benefits. It serves more than 70,000 companies and has 1.3 million users nationwide. The startup has raised more than R$150 million from investors including Canary, Valor Capital, and Caravela.
Regulatory and Competitive Landscape
Any final agreement must be reviewed by Brazil's antitrust authority Cade because iFood is the country's leading delivery platform. The acquisition could also help iFood resolve a five-year dispute with the Ministry of Labor over its license under the Worker Food Program, known as PAT. Last year, iFood came close to buying Alelo for about R$5.5 billion, but talks slowed after new government rules altered the program and the reduced offer was rejected.
Starting in November, new rules under Decree 12.712/2025 will require meal and food benefit cards to operate across different payment machines, promoting greater interoperability. This change has increased pressure on established players and created opportunities for consolidation in the sector. Caju has been advised by Lazard for about a year, reflecting the structured nature of the negotiations.
Market Impact
Brazil's benefits segment includes competitors such as Flash, Swile, Vee, Sólides, Pluxee, Alelo, and Ticket. A combined iFood and Caju operation would become one of the largest players in the market, with substantial scale in corporate clients and active users. The transaction would also support iFood's goal of leadership while potentially regularizing its PAT license.
Rival Flash has also set a goal to become market leader by 2030, underscoring intensifying competition in the employee benefits space. The sector has room for consolidation, according to market sources. iFood's proposed acquisition of Caju would give it immediate scale and a stronger position against both new entrants and traditional providers.
Company Responses
Both iFood and Caju said they do not comment on market rumors, and iFood added that it remains attentive to opportunities that generate sustainable growth for its ecosystem. Lazard did not respond to media requests for comment on the negotiations. The companies have not confirmed the reported valuation or the expected timeline for completing a deal.
Looking ahead, the proposed deal will face antitrust scrutiny and could be influenced by ongoing regulatory shifts in the benefits industry. If completed, the acquisition would mark a major step in iFood's diversification from food delivery into employee benefits and financial services. It would also reshape competition in a sector where both technology companies and traditional providers are vying for scale.