Merama: Creating a Unicorn in 12 Months

Paulo Sérgio Cesar de Madureira, Paschoal Federico Neto and Marcelo Caldeira Pedroso

RAC - Revista de Administração Contemporânea (Journal of Contemporary Administration), 2026, vol. 30(2), issue Vol. 30 No. 2 (2026): Mar/Apr - 2026, e250062

Abstract: This case study aims to explore the strategic challenges of fast-growing companies facing the dilemma of adapting their strategies to rapidlychanging markets. To this end, it is based on the story of Merama, a startup operating in the e-commerce market in Latin America. Foundedin December 2020, it adopted an innovative strategy of accelerated growth through venture capital (VC) funding to acquire companies with different brands that sell their products in large marketplaces. At the same time, it defined its commitment to being a company focused on sustainable development in the countries where it operates. With this strategy, it became a unicorn (a company with a valuation exceeding US$ 1 billion) in its first year. Based on theories of corporate strategy, business models, and innovation in e-commerce environments, students are expected to put themselves in the decision-making position of Renato Andrade, Sujay Tyle, and other members of Merama’s board of directors in May 2024, as they evaluate the best strategic options for the startup’s future, considering alternatives between maintaining the business model, transforming the model, or pursuing an exit strategy.

Date: 2026
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