In the hyper competitive world of ridesharing, the major TNC players are famous for two things: trouble with regulators, and miles of red ink. While Uber and Lyft may be constantly duking it out with local governments, and consequently rapidly entering and exiting markets around the world, a smaller competitor – Cabify – has mostly flown under the radar.
Founded in Madrid in 2011, Cabify quickly pivoted to make Latin America the focus of its operations. Instead of trying to conquer ancillary markets like food delivery and autonomy, the Spanish company has had a near singular focus on one thing above all else: profitability.
Last quarter, that dedication finally paid off; the company reported $29 million in revenue in the final quarter of 2019, and an EBITDA of $3 million. While those numbers aren’t huge, they’re big enough to make Cabify the very first ridesharing operator to actually reach profitability.