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E-commerce firm Peixe in talks to buy electric scooter startup Grow: sources – Source Reuters Tech News

MEXICO CITY (Reuters) – Latin American e-commerce company Peixe is in advanced talks to acquire electric scooter firm Grow Mobility, four people with knowledge of the matter said on Tuesday, potentially the latest deal in a crowded sector where profitability remains an elusive goal.

Terms of the deal are still being finalized. One scenario under discussion is a cashless transaction in which Grow would receive shares in Peixe, three of the people said, declining to be identified as the transaction is not yet public.

Grow, formed from the merger of Mexican scooter startup Grin and its Brazilian counterpart Yellow last year, was among Latin America’s most prominent startups, attracting interest from top venture capitalists in Silicon Valley.

But the Mexico City-based startup has struggled in recent months to find a sound business model, according to people close to the company.

Grow President Sergio Romo declined to comment. Peixe Chairman Felipe Henriquez did not respond to a…

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Source Reuters Tech News

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