ENJU3: quote, dividends and indicators for Enjoei

Enjoei, traded on B3 under the ticker ENJU3, is a Brazilian technology company focused on facilitating e-commerce, with an emphasis on circular fashion and second-hand lifestyle items. The company originated in 2009, created by Ana Luiza McLaren and Tiê Lima as a blog, evolving into a marketplace format in 2012. From then on, it consolidated a model based on customized “virtual shops,” where individual users offer used clothing, footwear, accessories and other products. In exchange for facilitating sales, Enjoei charges variable commissions, depending on the value of the item and the sales modalities available on the platform. Over its trajectory, the company received funding from venture capital firms such as Monashees Capital (2013) and Bessemer Venture Partners (2014), launched its mobile app, reached hundreds of thousands of virtual shops and later migrated to a corporation (sociedade por ações) structure in 2020, the year in which it carried out a primary and secondary public offering of shares and had its common shares listed on B3.

Enjoei’s business model is mainly based on a C2C marketplace, in which sellers manage their own shops, set prices and handle product listings, while the company provides the technology infrastructure, payment processing, security mechanisms and integrated logistics solutions. Its main revenue comes from commissions retained on transaction value, complemented by fees associated with users’ digital accounts, such as inactivity fees and additional withdrawal fees. The company does not produce goods; it operates exclusively as an intermediary in transactions and a provider of technology services related to product discovery, browsing, recommendation, logistics and payments. The model is characterized by high scalability, given the digital nature of the operation, with strong dependence on audience, engagement and inventory turnover to sustain GMV volume and revenue growth.

In addition to the traditional C2C model, Enjoei developed Enjoei Pro in 2017, a business line that offers greater convenience to sellers. In this service, the company takes on operational steps of the sale, such as collecting items, sorting, listing, producing photos, suggesting prices, storage and shipping to the buyer. Products are concentrated in its own logistics center, located in Cabreúva, in the state of São Paulo, which also serves as a hub for handling a relevant portion of logistics operations. In return for this more complete service, Enjoei applies a differentiated commission structure, higher than that of the standard C2C model. Enjoei Pro is a complementary vertical aimed at users with a higher volume of items or less time available to manage their own shops, contributing to increased assortment and liquidity on the platform.

From a segment and product perspective, Enjoei operates as a marketplace mainly for second-hand fashion and lifestyle items, covering categories such as women’s, men’s, kids, footwear, accessories and home, décor and electronics items. The company positions itself in the circular fashion market, fostering the resale of used goods between individuals. Monetization occurs mainly through commissions on GMV, complemented by fees related to digital account usage and ancillary services. In 2026, the company launched “Modo Grátis,” a listing option with no commission and no fixed fee for a limited number of listings and for a limited period, designed to reduce friction in product onboarding and attract new sellers, especially in higher value-added categories such as electronics. Revenue in this modality comes from charging a service fee to the buyer and from optional protected shipping offers, integrating pricing design with the strategy to expand the user base and inventory.

Enjoei’s presence is predominantly national and digital, operating throughout Brazil via website and app. The company operated in Argentina in 2017 through the Ya Fue brand but discontinued that operation in the same year, focusing since then on the Brazilian market. Over time, Enjoei developed a logistics partner ecosystem, reducing dependence on Correios (the national postal service) and expanding collection (drop-off) points across the country, which helps reduce shipping costs and improve service levels. In parallel, the company began investing in physical channels, opening its own stores starting in 2024 and subsequently structuring a franchise network that adopts an asset-light model based on royalties. In 2025, the offline channel included both company-owned and franchised units in operation and others under development, reinforcing a multichannel strategy in the used fashion retail segment.

At the market and competitive positioning level, Enjoei operates in the Brazilian e-commerce segment, specializing in second-hand fashion and lifestyle products. According to market data cited by the company itself, domestic e-commerce has shown a growth trend in revenue, while the addressable market for used items tends to expand in the coming years, with a relevant share still concentrated in physical channels. Within this context, Enjoei seeks to capture part of the projected growth in the used-goods market by broadening its category offering, expanding online and offline channels and strengthening its inventory. In 2025, the company ranked among the top five in number of visits in the fashion and accessories category, according to Conversion’s market share ranking, underscoring its digital relevance in audience within the circular fashion niche.

On the technology and payments front, Enjoei develops its systems, apps and auxiliary services in-house, with extensive use of open-source libraries, which gives it autonomy in developing new features and responding to software issues. In 2025, the company launched a customer service chatbot based on artificial intelligence, operating 24/7 to increase support efficiency and reduce manual demands. In the same year, it began operating its own sub-acquirer, called “Enjugrana,” through which it started acting as a sub-acquirer in the Brazilian Payments System, directly handling payment processing for its user base. As a result, the company began managing 100% of its receivables, maintaining partnerships with acquirers and payment institutions for settlement and connection with card networks, but with greater autonomy to negotiate fees and manage receivables prepayment, aligning its payments structure with the pursuit of financial efficiency.

Enjoei’s activities are subject to relevant regulatory frameworks, especially in personal data protection and payment services. In data protection, the company falls under the scope of the General Data Protection Law (LGPD) and related regulations, which impose obligations regarding the collection, processing, storage, security and disposal of personal data, including in the e-commerce context. Non-compliance with these regulations may result in administrative sanctions, fines and other penalties, making regulatory compliance a central issue for technology and marketplace companies. As a sub-acquirer, Enjoei is also subject to Central Bank of Brazil regulations applicable to the Brazilian Payments System and to rules defined by card networks. This involves security requirements, certifications, risk governance, anti-money laundering measures and “know your customer” (KYC) policies, in addition to the need to maintain information security standards such as PCI DSS Level 1.

From a governance and market relations standpoint, Enjoei has operated as a publicly held corporation since 2020, with ENJU3 common shares traded on B3. The company discloses periodic information on its operating and financial performance, including its own indicators such as GMV, take rate and gross billings, although these metrics are not standardized accounting measures under BR GAAP or IFRS. There is no significant revenue concentration in major clients, since the base of sellers and buyers is highly fragmented, consisting mainly of individuals transacting on the marketplace. This design reduces the risk of dependence on a single client but increases the importance of community scale, frequency of use and platform efficiency to sustain long-term results.