By Alex C
Konga, Nigeria’s leading online retailer is set to emerge as Africa’s biggest internet company as an investment of about $60 million is set to be injected into the company. This development will see Konga’s value rise to about $190 million after the expected capital injection.
Konga, founded by Sim Shagaya also owns DealDey, an online shopping and daily deals is set to shape Nigeria’s online retail business put at over $20 million. Analysts believe that Konga might become more empowered by the new cash injection to further strengthen its position and expand its footprints across Africa. Since its launch in 2012, the online retailer has remained focused on the Nigerian market, where it has recorded massive success and growth
Naspers, which holds a 50 percent stake in Konga is suspected to be the new investor, with the new investment of about $60 million expected to raise its stake above the current 50 percent. Swedish investment company AB Kinnevik is another investor in Konga, with $25 million injected into the Nigerian internet company earlier this year.