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SOFTBANK GROUP CORP.

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Colombian startup Tul raises $181 million, plans Brazil, Mexico expansion

01/11/2022 | 12:08pm EDT

SAO PAULO, Jan 11 (Reuters) - Colombian startup Tul, an e-commerce platform that sells construction materials to small-sized retailers, announced on Tuesday it has raised $181 million in a funding round as it prepares to expand to Brazil and Mexico.

The funding round, which was led by 8VC with participation of Avenir Growth, valued Tul at about $700 million. The Colombian firm already had Softbank Group Corp, Tiger Global, Lightrock, Coatue, Foundamental, Vine, Marathon Labs and H20 as partners.

Tul was founded in March 2020 and serves as a connection between small construction materials retailers and large suppliers of products such as steel and cement, including Gerdau SA, Henkel, Tigre, Bosch and Cemex .

The Colombian startup owns storage facilities in some Latin American cities and has a delivery network similar to those of iFood and Rappi, which allows it to deliver construction materials in one day.

Tul operates in five Colombian towns, in the Mexican cities of Mexico City and Guadalajara, and in Ecuador. It expects to start operating in Sao Paulo, Brazil, by March 2022, while also looking to expand to Rio de Janeiro and Belo Horizonte later this year.

"We are going to be competitive in terms of prices, but the main attraction for retailers is the convenience of having their orders delivered quickly without having to pay a minimum price for it," Tul's head in Brazil, Bruno Raposo, told Reuters.

The company expects to reach 10,000 customers in Brazil by the end of 2022.

(Reporting by Aluisio Alves in Sao Paulo Writing by Gabriel Araujo Editing by Matthew Lewis)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CEMEX LATAM HOLDINGS, S.A. 2.81% 3105 End-of-day quote.8.57%
CEMEX, S.A.B. DE C.V. 2.26% 8.59 End-of-day quote.-38.60%
EURO / BRAZILIAN REAL (EUR/BRL) 0.04% 5.151 Delayed Quote.-18.46%
GERDAU S.A. 0.63% 28.91 Delayed Quote.3.45%
HENKEL AG & CO. KGAA 0.45% 61.96 Delayed Quote.-12.90%
METALURGICA GERDAU S.A. 1.00% 12.07 Delayed Quote.3.25%
ON SEMICONDUCTOR CORPORATION 3.19% 56.24 Delayed Quote.-17.20%
SOFTBANK GROUP CORP. 1.22% 5164 Delayed Quote.-4.47%
TUL CORPORATION -0.21% 96.3 End-of-day quote.-46.05%
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Financials
Sales 2022 6 171 B 48 498 M 48 498 M
Net income 2022 728 B 5 719 M 5 719 M
Net Debt 2022 16 223 B 127 B 127 B
P/E ratio 2022 11,8x
Yield 2022 0,86%
Capitalization 8 320 B 65 386 M 65 386 M
EV / Sales 2022 3,98x
EV / Sales 2023 4,15x
Nbr of Employees 58 786
Free-Float 69,3%
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Number of Analysts 17
Last Close Price 5 102,00 JPY
Average target price 7 757,65 JPY
Spread / Average Target 52,1%
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Masayoshi Son Chairman & Executive President
Yoshimitsu Goto CFO, Director & Senior Managing Executive Officer
Tim Mackey Chief Legal Officer & Group Compliance Officer
Masami Iijima Independent Outside Director
Yutaka Matsuo Independent Outside Director
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