Brazil is among the top 10 countries that waste the most food in the world, according to the UN (United Nations) ranking. There are 46 million tons of food discarded annually, according to a survey by the IBGE (Brazilian Institute of Geography and Statistics).
Keeping an eye on these numbers and with the purpose of creating a sustainable business that combats food waste and still generates profit, the entrepreneurJeff Alveswith over 30 years in the technology field, he createdifefo (ifefo.com.br ). A startup connects large industries with retail (from large to medium-sized retailers) to negotiate competitive prices and offer to the end consumer.
Last year, Ifefo generated R$ 280 million, and since January, the company has been recording a 30% month-to-month growth. The forecast is that revenue in 2024 will be between R$ 330 million and R$ 380 million. "We see the industry's stock, offer it to retail, which buys the products online and receives them anywhere in the country," says Jeff Alves.
Among the large companies that make up the ifefo marketplace are: Kellanova, Danone, Nestlé, Minalba, Unilever, Vapza, Mars, Sferriê, Unibaby, Carolina, Goldko, D'Gosto, The Bulldog Energy Drink andBimbo Group.
The latter even entered into a partnership with the company for distributionexclusive online version of the Takis product line,which includes the globally famous hot chili tortillas (spicy), xplosion (very spicy), and fuego (extremely spicy). Success in thirty countries, the snack has already shown signs of success and has become popular with the audience that consumes this type of food.
The businessman states that there are over 10,000 items from major brands that can be purchased on the platform or on the iFefo website with discounts of up to 70%. The attractive prices obtained by the company from partner industries come from products that are close to their expiration date. However, the company has grown and now also offers products within the expiration date.
It is worth noting that these expired products would be incinerated or discarded by the industry before IFEFO connected the two ends. If the retailer does not agree with the amount being charged, they can still make a counteroffer that will be analyzed by our artificial intelligence. After the negotiation, they will receive the product at their address.
Since 2019, there have been more than 200,000 CNPJs registered in operations in over 4,000 cities.At ifefo, every product deserves a second chance…”says Jeff. More than 150 tons are collected weekly, including both advanced and initial expiration dates, as well as out-of-standard and discontinued products.
ifefo's artificial intelligence suggests personalized product and price combos for each type of customer with 92% accuracy and a 96% return rate to the platform.
Next steps
Inspired by Muhammad Yunus, 83, who won the Nobel Peace Prize in 2006 for creating the “bank for the poor,” a microcredit system responsible for lifting millions of people out of poverty, Jeff’s next step is to expand ifefo’s operations and transform it into a bank as well.
“iFefo will become a bank that will provide services such as loans, bill payments and other services that traditional and digital banks offer.”
Still in 2024, Ifefo plans to offer other benefits to retailers. Among them, life insurance, health plan, and gym discounts.
“We are in negotiations with some segments and, soon, this will allow us to expand our range of operations. Our expectation is that in the coming years ifefo will be the largest ecosystem of services with artificial intelligence focused on retail in Latin America”, concludes Jeff.
