Sokowatch, a Dakar, Senegal-based e-commerce company leveraging innovative technology to transform the informal retail supply chain, closed a $125m Series B equity funding.
The round was led by Tiger Global, and Avenir Growth Capital, with participation from VNV Global, Binny Bansal (Co-Founder of Flipkart) and Sujeet Kumar (Co-Founder of Udaan), as well as existing investors Quona Capital, 4DX Ventures and JAM Fund. Sujeet Kumar joined Sokowatch’s Board of Directors to provide strategic guidance for continued growth.
The company intends to use the funds for further geographic expansion and product growth across the continent. Sokowatch is exploring expansion into Nigeria and Southern Africa, while continuing to consolidate its position across its six current countries. It is also examining opportunities to expand its product offering to verticals such as merchant point-of-sales systems, bill payments, and social commerce through both internal innovation as well as strategic investments and acquisitions of relevant companies.
Led by Daniel Yu, Global CEO and Founder, Wasoko provides free same-day delivery of essential goods and financing to informal retail stores across Africa. The company enables retailers to order products at any time via SMS or mobile app and receive delivery through its proprietary logistics network to their store. Through its systems, shop owners are able to purchase essential goods at competitive prices as well as receive Buy Now Pay Later financing to overcome their working capital constraints. With over 50,000 active retail customers its network, Wasoko is providing essential goods and services across Kenya, Tanzania, Rwanda, Uganda, Côte d’Ivoire, and Senegal.
With no single country accounting for a majority of its revenue, Wasoko has built a Pan-African business with more than 800 full time employees across the continent, all of whom are also shareholders in the company through Wasoko’s universal employee equity policy.
As Wasoko continues to strengthen its presence across Africa, the company has made several appointments to its senior leadership team including:
- Mellany Msengezi (ex Airtel) as Head of Marketing;
- Aurelien Barreau (ex Carrefour) as Head of Sourcing; and
- Georges Bejjani (ex. Jumia) as Head of Business Intelligence.
FinSMEs
16/03/2022