iFood Benefícios, the corporate benefits arm of Brazilian food-delivery group iFood, said on 20 October 2026 that it had signed an agreement to acquire Caju. The companies did not disclose terms; NeoFeed reported the price at more than R$1.2bn.
Why iFood Benefícios (iFood) is buying Caju
The companies said they aim to modernise a meal-voucher market marked by high merchant fees and low innovation, citing recent regulatory changes including a 3.6% cap on merchant fees and the opening of payment arrangements. The combination is intended to offer a single platform covering HR, expenses and daily payments, adding iFood's acceptance network, app and Clube iFood to Caju's product.
Deal terms and financing
Terms were not officially disclosed. NeoFeed reported that iFood Benefícios is buying 100% of Caju for more than R$1.2bn, giving an exit to venture investors including Volpe Capital, Caravela Capital, Valor Capital Group, Canary and K1 Investment Management.
Regulatory approvals and timing
The deal was notified to Brazil's competition authority Cade on 20 October and also requires approval from the Central Bank of Brazil. The companies will operate independently until approvals are received.
Market context
Brazil's benefits market moves about R$150bn a year and serves more than 22 million workers at about 470,000 companies registered in the PAT programme. Incumbents Alelo, Ticket, VR and Pluxee hold roughly 80% of the market, according to Cade data cited by Bloomberg Línea.
