PROJECT

Projects

Environmental & Social Review Summary

Project Number

45926

Company Name

COMUTO SA

Date ESRS Disclosed

May 4, 2022

Country

World Region

Region

Global

Last Updated Date

Jul 8, 2022

Environmental Category

B - Limited

Status

Active

Previous Events

Approved : Jun 3, 2022
Signed : Jun 15, 2022
Invested : Jul 5, 2022

Sector

Transit and Ground Passenger Transporation

Industry

Infrastructure

Department

Equity Portfolio Management

Project Description

Founded in France in 2006, BlaBlaCar - https://www.blablacar.com (BBC or the “company”) is an online marketplace for buses and carpooling. The company does not own any buses or cars and leverages technology - websites and mobile apps - to connect members looking to carpool or travel by bus. BlaBlaCar’s product lines include: (i) carpooling: connects passengers with car owners heading in the same direction; (ii) bus marketplace: connects passengers to bus operators; and (iii) operated buses: contracts with fleet owners to operate their buses under the BlaBlaCar brand (only available in Western Europe). As of early 2022, the company has 100 million members and is present in 22 countries, including emerging economies such as Brazil (where there are 10 million members), Mexico, Turkey and India. The IFC’s new investment – a US$ 15 million in convertible notes - will finance the company’s expansion plans in Brazil.

Overview of IFC's Scope of Review

Given current travel restrictions related to the COVID-19 pandemic, IFC’s review of this investment consisted of a virtual appraisal that comprised the review of information made available by BlaBlaCar including corporate Environmental and Social (E&S) policies and procedures, crisis management documents, management of external grievances as well as country related data, including Brazil. The E&S team also had videoconference meetings with company representatives including the Chief Communications Officer, General Counsel, Head of Strategy and Vice President of Customer Relations, among others. The discussions with the client covered the platform’s safety features, external and internal grievance mechanisms, and human resources practices. The meetings took place in January 2022. 

If necessary, the appraisal will be supplemented with a field review after COVID-19 related travel restrictions are removed and the Environmental and Social Review Summary document and E&S Action Plan (ESAP) may subsequently be updated, as needed.

E & S Project Categorization and Applicable Standard

Environmental and Social Mitigation Measures

Broad Community Support

Environmental & Social Action Plan