The insurer Mutua Madrileña enters the capital of Cabify, as both companies announced this Tuesday in a joint statement. The firm acquires a 1.26% stake after reaching a strategic agreement with the mobility firm. The companies have not detailed the price paid by the insurer, for which the operation represents a further step in the fulfillment of its strategic plan and will allow it to offer new advantages in mobility to its clients.
“For Mutua Madrileña, reinforcing its alliance with Cabify is one more step in its strategy to continue advancing in the field of urban mobility through the digital platform market, which will play a relevant role in offering new ways of managing displacements, either with public transport, shared vehicle or property”, explains the insurer in the note.
For the Cabify platform, for its part, the agreement means strengthening the relationship between both companies. “We share common goals in terms of mobility and sustainability. Mutua’s confidence in the Cabify project is now reinforced with the entry into the company’s capital”, emphasizes the firm, one of the few Spanish unicorns – an emerging company with a valuation of more than 1,000 million dollars.
This alliance is added to the purchases recently announced by the insurer of the mobility platforms ElParking and Imbric. Some movements that are part of the company’s strategic plan for the 2021-2023 period. “It contemplates as main axes to continue accelerating the digital transformation of the group, consolidating international expansion, the growth of its financial advisory activity and the entry into new businesses related to mobility”, explains Mutua.
At the end of last year, the insurer also carried out another corporate operation, then larger: it bought 8% of the capital of El Corte Inglés for 555 million and took over half of the insurance division of El Corte Inglés for another 550 millions. That is to say, that operation rose to a total of 1,105 million. The National Commission of Markets and Competition (CNMC) gave the green light to the movement in May, as announced then by Ignacio Garralda, president of the Mutua group, during his speech at the company’s general meeting.
In the case of Cabify, it also recently presented its business strategy. In that guide, he highlighted as main objectives that 100% of trips be in electric vehicles by 2025 in Spain and by 2030 in Latin America and positively impact 750,000 citizens through social initiatives in local communities, among others. “The agreement reached with Mutua Madrileña will allow us to continue advancing to achieve the ambitious objectives set”, highlights the firm in the joint statement.
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