MercadoLibre: Following in Amazon's footsteps?

MELI (overview): Latin America's Amazon +6100% since 2007 IPO. Operates in fragmented region w/ 8-12% e-commerce penetration (vs 15-20% US, 25% China). 4 segments: Commerce (44% rev), Fintech (24%), Credit (20%), Direct Sales (12%). $65B GMV, 121M active buyers across 18 countries. Brazil/Mexico/Argentina = 96% rev. Built proprietary logistics (Mercado Envíos), 75% deliveries <48hrs. Mercado Ads ~2.5% of GMV (vs Amazon 5%), targeting 4% by 2028. Mercado Play streaming platform grew 1M to 6M users in 18 months, leverages transactional data for superior ad targeting. Galperin stepped down as CEO Jan 2026, remains strategic advisor w/ 7% stake.

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