(Yicai) May 13 -- Meituan, China’s largest takeaway services provider, said its international delivery platform KeeTa will enter the Brazilian market in the coming months, backed by a USD1 billion investment over the next five years.

KeeTa signed the investment agreement with ApexBrasil, officially the Brazilian Trade and Investment Promotion Agency, during a China-Brazil business exchange event held yesterday in Beijing, Meituan announced today.

KeeTa will build a nationwide delivery network in the South American country to provide local users with better takeaway services, Meituan said, adding that KeeTa will also offer local food merchants a variety of marketing tools and digital operation solutions to support their business growth.

“Internationalization is one of Meituan’s long-term development strategies, and we will continue to strive to ‘go global’ to create new development opportunities,” said Wang Xing, founder and chief executive of the Beijing-based company.

Meituan’s experience in the takeaway industry and use of advanced technology have brought benefits to local users in the Asia-Pacific and Middle East regions, Wang said, and the company hopes to provide more choices to Brazilian consumers and contribute to local economic growth.

It launched KeeTa in Hong Kong in May 2023, and then in Saudi Arabia last September. The delivery platform is available in all the major cities in Saudi Arabia, with soaring numbers of users and orders, according to Meituan.

Meituan’s net profit surged 158 percent to CNY35.8 billion (USD5 billion) last year, with revenue up 22 percent at CNY337.6 billion (USD46.9 billion), its annual earnings report also showed. Income from new businesses, which includes overseas markets, jumped 25 percent to CNY87.3 billion (USD12.1 billion).

China’s market watchdogs summoned five food delivery firms, including meituan, JD.Com, and Alibaba Group Holding's Ele.me, for meetings about fair competition and protecting the interests of riders and customers, China Central Television reported today.

Meituan’s shares [HKG: 3690] slid 4.9 percent to close at HKD137.40 (USD17.63) each in Hong Kong. The benchmark Hang Seng Index fell 1.9 percent. Meituan’s stock has fallen by more than 9 percent since the end of last year.

Editor: Tom Litting