TechCabal is organising a conference call (via Google Hangouts) tomorrow (Thursday, July 28) at noon to discuss the recently released Kinnevik results.
According to the Kinnevik Q2 2016 report,
Konga has 184,000 “active customers”
Kinnevik values its 34% stake in Konga at 11.7m
Rocket has lost 36% of its value since 2015
Iroko is valued at about $65.4m
We’re bringing in Nairametric’s Ugodre Obi-Chukwu, Interswitch’s Ope Adeoye, Eloho Omame, Yvonne Johnson and Supermart’s Raphael Afaedor. Join them as they discuss the report, what it says about the state of ecommerce and the internet business in Nigeria.
If you’re interested, register via Eventbrite. We’ll send you a Google Hangouts link via email and remind you when it’s time.
Had convo with grim faced investors today on the outlook, and you know this types they flock together, it will affect everyone trying to raise now but we knew Nigeria was hard but geez…not this hard, i mean the billions practically dried up in hiring, it might not be appropriate to say this but Management needs to go back to table FAAAAST and secure investor confidence which that is their current modus operandi i hear.
If we are complaining, Jumia as a Whole group in 8 Countries reported even far worse numbers than Konga in 1 country and Kinnevick will be wondering how both gambles have been looking gloomy, we all know its a long term thing but maybe Leaner operations, better customer experience, smarter and cheaper user acquisition and marketing hacks need to be done and a whole new culture to be created in the Company.
Hahaahaa, who can forget, they change designs like everyday.
We now know about 38 million are strong addressable markets online hence where the focus should have been, spending 30 million naira a year on billboards( An average billboard ranges from 600,000 to 10 million a year per board and they are in what like 30 locations across Nigeria) makes one shudder at the Marketing strategy they had, it wasnt Startup like, too much money at your disposal can make you do stupid things but that is not an excuse for them.
