Wasoko expands into Congo DR, plans to recreate successful model in Rwanda

Wasoko, an innovative African e-commerce company, recently announced its expansion plan into the Democratic Republic of Congo (DRC). The strategic move capitalises on the company’s well-established e-commerce hub in neighboring Rwanda, marking the second time in 2023 that Wasoko has ventured into new territory, following its successful entry into Zambia earlier this year.

The primary objective of Wasoko’s expansion into the DRC is to lend crucial support to small businesses situated in Goma, capital of the North Kivu province. Their expansion into this region has been facilitated by collaboration with the Rwandan government and the establishment of special trade zones, aligning with broader initiatives aimed at promoting regional economic integration.

What sets Wasoko apart is its remarkable track record. Back in 2019 when launched in Rwanda, it made just $2 million in its first year. Fast forward to 2022, and it’s amazing to see how they soared to a staggering $48 million in revenue.

Currently, the platform serves over 5,000 informal retailers in Rwanda alone, and 50000+ across africa, a testament to its ability to empower small businesses. With such an impressive history of success, Wasoko is confident in its capacity to leverage its existing infrastructure to drive growth and prosperity for small enterprises in the neighbouring DRC.

Daniel Yu, the Founder and Global CEO of Wasoko, speaking at the launch emphasised the immense potential the expansion holds. The DRC, being one of Africa’s largest nations, presents a lucrative market opportunity for the e-commerce startup. Despite boasting a rapidly growing population of nearly 100 million individuals with increasing purchasing power, the nation grapples with substantial infrastructural challenges that have stifled its e-commerce sector, leaving a vast untapped market ripe for exploration.

As it ventures into the Democratic Republic of Congo, Wasoko seeks to recreate this success in other parts of Africa.

The same year it broke even in Rwanda was when the e-commerce business secured $125 million in Series B funding. This investment not only solidified its position but also set a noteworthy record as the largest-ever venture financing round raised by a non-fintech startup in Africa.