What is JOKR's strategy for launching in new countries, particularly those with differing labor costs?

For us, it's not about countries. We never think about launching countries. We think about which are the attractive neighborhoods that we can launch into. The beauty of this business model -- and of most online models -- is that country borders do exist from a legal and administrative point of view, but they do not influence how we think about the business and where to roll it out. What drives our decision to launch in a new geography? It's the identification of attractive neighborhoods. If we find a neighborhood that is underserved in terms of online and/or offline grocery shopping, and if we think that we can capture an attractive relative market share on a per neighborhood business, that drives the decision of whether to launch a new market or not.

Given that we have a global platform with a global product, a global data science approach and a global team, we are agnostic as to whether we roll out our business in the US, South America, Europe or beyond. It becomes a question of management focus and of having teams available that can execute on it. But we're not making strategic decisions in terms of operating in one country versus another. We're making strategic decisions about entering a city with a certain number of attractive neighborhoods that we can go into. We had the opportunity and the luck to have great teams available from previous businesses that we built for Latin America, the US, and also Europe, and hence were able to execute on it, with our data science-driven acknowledgment of opportunities in any given city and neighborhoods driving that decision. That's how we will keep on doing it.

Launching a new city or a new country for us comes at less than proportional additional costs because we have very high operational leverage, given our global platform, data science approach, global engineering team, and playbook from an operational perspective on how to roll out in new cities, no matter where they are in the world.