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Kavak, an automotive e-commerce platform headquartered in Mexico, was the most valued Latin American unicorn in May 2024, with a market capitalization value of around 8.7 billion U.S. dollars. The Colombian on-demand delivery platform, Rappi, made it second in the ranking, with a market value of 5.25 billion U.S. dollars. Founded in 2015, by 2020 Rappi operated in nine Latin American countries and had performed over 100 million orders.

A unicorn company is defined as a privately held company worth one billion U.S. dollars or more. Seven out of the 10 most valuable Latin American unicorn companies listed by the source were based in Brazil.