Konga's new investment


#1

Today’s daily digest led me to this article

http://techcabal.com/2017/02/09/op-ed-why-nigerias-e-commerce-industry-continues-to-attract-investment/

In there Konga’s CEO mentions that they had a new double digit investment from Naspers and Kinnevik in 2017.

Does anyone have more details?


#2

Looking ahead, it is our ambition to bring millions more consumers online to shop for their everyday needs by providing a superior service that means and offers something to everyone. Our latest double digit million-dollar investment from Naspers and Kinnevik will take the business to breakeven and allow the team to continue improving on Konga’s customer experience across all its offerings.

He doesn’t say when exactly this happened, and we’re barely two months into 2017, so it’s probably more likely that he was referring to a not so recent cash injection than that he was subtly dropping a hidden Easter egg. But, what do I know?


#3

2016 could be latest, must have happened around then.


#4

The article specifically says 2017.

Also did a Twitter thread about how it will help them achieve their goals.

Didn’t mention the amount though.


#5

Am not sure they received any investment. The statement was vague and might be a past tense. Kinnevik and Naspers are actually deleveraging. They might put in more funds if anything radical changes. For now, nothing of sort.


#6

They have secured funds from Naspers, Kinnevik in 2017. Shola did a tweet to that effect…yesterday I think.


#7

There is no proof that they secured any funding from Kinnevik. As a matter of fact, Kinnevik did not list Konga as part of the companies they invested in last year.

See below a link to their 2016 full year result.


#8

Who are these Pageone people though?


#9

It is run by three young guys, what do you think about them?


#10

I think they need to put their names on their articles, or nobody’s going to take them seriously. Not sure what to make of these links, to be honest.


#11

That is a good point, although Sahara Reporter does not put bylines on its articles as well. Am sure they will take learnings.


#12

This is 2016’s report.
The article (and tweet) said they received it in 2017


#13

While I agree, Kinnevik is a public company that does not do anything in secret especially when it comes to capital investment.

Also, that report was released over the weekend and there was an analyst conference call about it which I listened to.

It will be nice if Mr. Shola explains better on when and how much was invested.


#14

Lets wait till Q1 2017 Report from kinnevick, e must show there


#15

Exactly, Kinnevik is very transparent, no ‘hidden figures’