Reports indicate that Konga.com has just raised between $40 – $60million another round of funding. Sources state that the funds are from existing investors – Naspers and Kinnevik. These same investors put in $25 million into the company in January this year. It seems they really do have faith in the Sim Shagaya led eCommerce business.
With this investment, this puts Konga.com at a market value of between $160 – 200 million; thus making the company one of the largest eCommerce companies in Africa. This also definitely makes the 800 employees happy as they have shares in the company.
Though it is not been confirmed, it is said that the newly raised funds would be generally used to improve the quality of service. Specifically, the funds would be used to
- expand the engineering team;
- improve on its proprietary logistics and procurement infrastructure to assist merchants nationwide and;
- invest in core retail inventory
Sim Shagaya, the founder and CEO of Konga.com, had said earlier in the year that his goal was to raise between US$100 to150 million or more between now and 2020. It seems he might actually do that well before 2020.
It is expected that Konga would issue a press release on this very soon.
