Brazilian delivery app iFood, owned by Dutch investment group Prosus, said on Wednesday it will invest 24 billion reais ($4.66 billion) in the South American country in the fiscal year through March 2027, a 41% increase from its previous investment cycle.

The company will direct spending across four areas: strengthening restaurant operations, expanding new delivery categories such as pharmacies and pet shops, developing proprietary technology, and growing its fintech unit iFood Pago.

Tech and innovation investment to exceed 2 billion reais, including AI agents and a generative AI model developed jointly with Prosus, iFood said.

Non-restaurant delivery businesses expected to account for about 40% of revenues and results by end of this year, CEO Diego Barreto told Reuters.

Previous investment cycle resulted in growth of 60% in grocery, 70% in pharmacy, and over 100% in pet shops, he added.

Barreto said competition from Didi-owned 99Food and Meituan-controlled Keetha does not concern the company, citing iFood's capacity to innovate.

The company will direct spending across four areas: strengthening restaurant operations, expanding new delivery categories such as pharmacies and pet shops, developing proprietary technology, and growing its fintech unit iFood Pago.

Tech and innovation investment to exceed 2 billion reais, including AI agents and a generative AI model developed jointly with Prosus, iFood said.

Non-restaurant delivery businesses expected to account for about 40% of revenues and results by end of this year, CEO Diego Barreto told Reuters.

Previous investment cycle resulted in growth of 60% in grocery, 70% in pharmacy, and over 100% in pet shops, he added.

Barreto said competition from Didi-owned 99Food and Meituan-controlled Keetha does not concern the company, citing iFood's capacity to innovate.