Launched in July 2012 with a mission to become the engine of commerce and trade in Africa, Konga.com is Nigeria’s largest online mall. The company serves a retail customer base that to grow exponentially, offering products that span various categories including Phones, Computers, Clothing, Shoes, Home Appliances, Books, healthcare, Baby Products, personal care and much more.
The outfit was founded by Sim Shagaya, its CEO, to be the leading one stop shop online retail company and marketplace in Nigeria. Konga offers low prices and fast delivery services on millions of products. Sim is also the Founder & Executive Chairman of DealDey Limited, the biggest group buying website in Nigeria, which offers amazing products and services at discounted prices.
Other members of Konga’s executive team are: Shola Adekoya CFO; Mark Russell CCO; Olatokunbo Fagbamigbe CIO.
According to Ventures Africa, Konga is set to become Africa’s biggest internet company as an investment of about $60 million is set to be injected into the company. Konga’s value will rise to about $190 million post the capital injection.
But while the new investment speaks volume of investors’ confidence in Konga, major rival in the online retail space in Nigeria, Jumia may not be having the best of times. Its mother company, Rocket Internet had its IPO held last week, but the company’s shares had already fallen 13 percent on the Frankfurt Stock Exchange. The fall regardless, Rocket’s IPO remains the largest German tech IPO in the past decade, with the company now valued at €6.7 billion ($8.5 billion).
While Jumia and sister company Kaymu, both backed by Rocket Internet are expected to continue doing well in Nigeria, a market with a large consumer base, Konga might have just been empowered by the new cash injection to further strenghten its position and probably expand to other markets 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 already 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.
Sim Shagaya, Konga CEO
