# Chiper Financial Model

B2B e-commerce platform digitizing inventory replenishment for independent corner stores (tiendas) in Latin America.

- Canonical: https://finamodel.com/startups/chiper
- Excel download: https://finamodel.com/startup-models/chiper.xlsx
- Category: Fintech
- Model type: Marketplace / GMV
- Funding round: Series B
- Funding: $53M
- Founded: 2021
- Geography: Active in Colombia (Bogotá, Cali, Barranquilla, Medellín) and Mexico (Mexico City, Guadalajara); Brazil flagged as "next up" [DECK slide 6].
- Customer: B2C

## About the company

Chiper digitises inventory replenishment for independent corner stores across Latin America. The B2B platform lets tiendas order fast-moving consumer goods and brings procurement, delivery, and eventually financial services into one workflow.

Unlike a commission marketplace, Chiper buys and resells inventory, so merchandise sales and fulfilment economics are central. The research documents roughly $50 average order value, low double-digit gross margin, and a long-term goal of improving contribution profit per order.

The model should forecast active stores, order frequency, average order value, and gross sales, then deduct product cost and fulfilment cost per order. Credit, insurance, payments, or private-label products should be added as separate future revenue lines rather than masking the core wholesale margin.

## What's included

- 5-year monthly revenue build with stage-appropriate growth assumptions
- Full P&L, headcount plan, and operating-expense schedule
- Cash-flow statement, runway, and burn-rate tracking
- Valuation via exit multiple with a DCF cross-check
- Returns analysis with MOIC and IRR
- Unit economics including CAC, LTV, payback, and cohort retention

## Product & value proposition

- Mobile-first ordering app for corner store owners to replenish stock digitally.
- One-stop-shop: 3,000+ FMCG products, 24h free delivery, prices 5% better than traditional wholesale channels.
- Replaces 20+ daily supplier visits and trips to wholesaler markets.
- Supply chain built with machine learning and automation to reduce fulfilment costs and increase margin.
- Future layers: private labels, new categories (consumer electronics, beauty, etc.), and financial services (credit, insurance, payments, remittances).

## Market

- LatAm TAM: 3.7M corner stores, $500B total addressable market.
- Three-country sub-TAM (Colombia + Mexico + Brazil): $197B.
  - Colombia: $14B, 300,000 stores.
  - Mexico: $50B, 800,000 stores.
  - Brazil: $133B, 1,000,000 stores.
- LatAm GDP: $6T; mobile internet penetration 67%; internet penetration 70%.
- B2B e-commerce <1% of B2B transactions online in LatAm today.
- Global B2B e-commerce CAGR expected 17.5% through 2027.
- SAM/SOM: Not explicitly stated in deck.
- Source cited: McKinsey, Euromonitor 2018; SAT Mexico; Fenalco.

## Revenue model

- Primary: Product sales - buy FMCG goods from manufacturers/distributors, resell to corner stores at a markup. Revenue = GMV (each order is a direct sale, not a commission take-rate).
- AOV: $50.10 per order.
- Gross profit per order: $5.30 (~10.6% gross margin implied).
- Fulfillment costs per order: $4.30.
- Contribution profit per order: $1.00 current; $3.00 long-term target.
- Future revenue streams (not yet generating at time of deck): financial services (credit, insurance, payments), private label products, new categories.
- No commission/marketplace take-rate model mentioned - this is a reseller/distributor model.

## Traction & metrics

All data as of Sep-21 unless noted.

- Revenue run rate: $65M.
- Revenue growth: 7x Sep-20 vs. Sep-21.
- Monthly active stores: 23,000; 9x Sep-20 vs. Sep-21.
- Quarterly active stores: ~33,000 in Q3-21 (chart y-axis tops ~36,000; bar reaches ~33,000).
- Quarterly active store growth: 10x over trailing 21 months.
- Quarterly sales evolution (USD M, read from bar chart):
  - Q3-20: ~$2.5M
  - Q4-20: ~$3.5M
  - Q1-21: ~$6M
  - Q2-21: ~$9.5M
  - Q3-21: ~$15M
  - 6x growth over last 12 months.
- Orders delivered Q3-21: 278,000.
- Orders CQGR: 91%.
- Quarterly active store series (approximate, from chart):
  - Q3-20: ~4,000
  - Q4-20: ~7,000
  - Q1-21: ~15,000
  - Q2-21: ~24,000
  - Q3-21: ~33,000

## Unit economics

All as of Sep-21:
- AOV (revenue per order): $50.10
- Gross profit per order: $5.30 → implied gross margin ~10.6%
- Fulfillment costs per order: ($4.30) → implied fulfillment cost as % of AOV ~8.6%
- Contribution profit per order: $1.00 (current)
- Long-term unit economics target: $3.00 contribution profit per order, via:
  - Gross margin +3% (to ~13.6%) → adds $1.50/order
  - Fulfillment cost -1% of AOV → adds $0.50/order
- Orders per store per period: Not explicitly stated (implied: 278,000 orders / ~23,000–33,000 stores in Q3-21 → ~8–12 orders/store/quarter).

## Competition / moat

- Deck frames moat as: scale (network of bulk buyers), tech-enabled supply chain (ML/automation), and service levels (24h delivery, widest SKU selection).
- No direct competitor slide. Implicit competitors: traditional FMCG distributor networks, wholesaler markets, and regional peers (e.g., Tiendanube, Mercado Libre B2B, Fami, Justo).
- Corner stores currently manage 20+ daily supplier visits - fragmentation is the status quo.
- Stock-outs cost stores 12–15% in lost sales; price disadvantage ~10% vs. Chiper.

## Team & funding ask / use of funds

- Team (47+ years combined experience):
  - Jose Bonilla, Co-founder & CEO - 17+ years in tech; co-founder of Imaginamos (incubated Rappi and Chiper).
  - Oscar Sarria, Co-founder & COO - 5 years at Quala (major LatAm FMCG) running corner store channel.
  - Carolina García, Co-founder & CRO - 15+ years commercial experience in tech; MIT MBA.
  - Ricardo Ocampo, Co-founder & CFO - 10+ years finance at Team Foods (FMCG).
- Total team: 468.
- Investors shown: monashees+, Kaszek, Nosara, Tiger Global.
- Use of funds: Not explicitly stated. Inferred from targets: geographic expansion (Brazil), financial services launch, store count growth.
- 2022 targets: $240M revenue run rate; 60,000 monthly active stores; launch Brazil; launch financial services.
- 2023 targets: $430M revenue run rate; 100,000 monthly active stores; 20% store penetration; 50% share of wallet; 1M consumers with ancillary products.

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## Recommended financial model

- **Archetype + why:** B2B marketplace / wholesale distributor GMV model with contribution margin waterfall. Revenue is gross sales (reseller, not commission), so the model must carry COGS and track gross margin separately from contribution margin. As financial services launch, a secondary SaaS/fintech revenue stream will need its own module. Best archetype: **B2B e-commerce GMV + unit economics roll-up**, similar to a DTC/wholesale P&L but store-count-driven rather than consumer-count-driven.

- **Forecast horizon & granularity:** Monthly for 2022–2023 (to hit the deck's own targets); annual summary for 2024–2025. Q3-21 actuals as the anchor period.

- **Key drivers & assumptions:**

| Driver | Value |
| -- | -- |
| Monthly active stores - Q3-21 base | 23,000–33,000 |
| Store growth rate (QoQ) | 10x over 21 months ≈ ~35–40% QoQ blended |
| 2022 MAS target | 60,000 |
| 2023 MAS target | 100,000 |
| Orders per store per quarter | ~8–12 (derived) |
| AOV | $50.10 |
| AOV growth | 2–3% p.a. |
| Gross margin per order | ~10.6% ($5.30 / $50.10) |
| Long-term gross margin target | ~13.6% (+3pp) |
| Fulfillment cost per order | $4.30 |
| Long-term fulfillment cost reduction | 1% of AOV (~$0.50) |
| Contribution margin per order - current | $1.00 |
| Contribution margin per order - long-term | $3.00 |
| Revenue run rate - Q3-21 | $65M |
| Revenue run rate - 2022 target | $240M |
| Revenue run rate - 2023 target | $430M |
| Financial services revenue contribution | $0 in 2022 |
| FX assumption | COP/USD and MXN/USD monthly average |
| Brazil launch | 2022 |

- **Scenarios (Base / Bull / Bear):**
  - **Base:** Store growth hits 60K MAS by end-2022, $240M run rate. Gross margin improves 1.5pp by end-2023. Fulfillment costs flat.
  - **Bull:** Store growth exceeds 60K (80K by end-2022); AOV expands as higher-value SKUs added; gross margin hits long-term target ($3.00/order) by 2023.
  - **Bear:** Store growth slows to 40K MAS (execution risk on Brazil launch, competitor response); gross margin stays at ~10.6%; fulfillment costs sticky due to logistics inflation.
  - Flex variables: MAS growth rate, gross margin improvement pace, fulfillment cost per order, AOV, Brazil ramp speed.

- **Required sheets / outputs:**
  1. **Assumptions** - all drivers in one place, scenario toggles.
  2. **Store Roll-up** - monthly active stores, new store adds, churn (implied), store count by country.
  3. **Order Volume** - orders per store per month × active stores.
  4. **Revenue & Gross Profit** - AOV × orders; gross margin waterfall.
  5. **Contribution Margin Waterfall** - gross profit minus fulfillment costs = contribution profit per order, scaled to total orders.
  6. **Opex** - G&A, S&M, tech (estimated; not in deck).
  7. **EBITDA / Cash burn** - contribution profit minus opex.
  8. **Targets vs. Actuals tracker** - 2022 and 2023 deck targets vs. model output.
  9. **Scenario Summary** - Base / Bull / Bear on revenue, MAS, contribution profit.
  10. *(Optional)* **Financial Services Module** - placeholder for credit/insurance revenue once launched.

## Frequently asked questions

### Is the Chiper financial model free?

Yes. The Chiper model is a free Excel download with live formulas.

### Can I change the assumptions?

Yes. The workbook is editable and its live formulas recalculate when assumptions change.