I saw this story first on LIB (don’t judge me) and thought it was a joke. The most surprising aspect of this news is its secrecy. I remember seeing Interswitch bandied as a possible suitor but never in a million years imagined Yudala would have the wherewithal to pursue a much larger competitor.
This is great news for Kinnevik et al - they get to cut their losses and move on - but I can’t say the same for Zinox. They will still have to burn a lot of cash before they can steady the Konga ship. Going by what they’ve achieved with Yudala - good but not great, 6/10 at best - it’s hard to believe that they can run Konga much better than the previous owners. I just hope they don’t make the grave mistake of integrating the Konga brand into Yudala by redirecting konga.com traffic to yudala.com. That will put off a lot of Konga users.
Maybe they’re hoping they can hold on to it long enough till Amazon or Alibaba comes knocking. That will be a really long wait. I know about Mr Ekeh’s wealth first hand and I’m sure he has the financial muscle to last the marathon but it will still be a painful marathon nonetheless. Oh well.
Definitely a historic moment for e-commerce and the Nigerian tech space.