Konga, Nigeria’s foremost retail giant,has achieved over 750 percent improvement on its valuation since its acquisition by the Zinox Group a little over a year ago.
This was revealed by ex-Vice President of Nokia and Co-Chief Executive Officer, Konga Group, Nick Imudia who disclosed that the company has recorded significant growth in the past 12 months in various areas of the business which has made it more than just an e-Commerce company.
“Konga has grown over 750% over the past 12 months since it was acquired by the Zinox Group from previous owners, Naspers and AB Kinnevik. Today, Konga has transformed into a multi-faceted group with an internally-owned advanced digital logistics company, cutting-edge payment solution, travel booking agency, huge technology back-bone, massive regional warehousing facilities in addition to pioneering the marketplace structure and redefining the scope of customer experience in the e-Commerce industry, among many other upcoming innovations. The huge transformation has repositioned Konga as one of the most viable ventures not just in Africa but globally, as justified by our elevated rating by Early Metrics,” he enthused.
Imudia, who was cornered by reporters at the Murtala Mohammed International Airport, Lagos upon return from South Africa for a business summit, further disclosed that Konga is on track to become the first e-Commerce company to turn profitable in Africa.
“There is no reason why Konga cannot emerge as the first profitable e-Commerce company in Africa. We are determined to set this record in the e-Commerce world and from the evidence on ground, we are on course to fulfil the promise made to our stakeholders in turning profitable by the 2021 financial year.
“We understand this market more than any competitor and have been investing creatively nationwide to resolve issues like warehousing, delivery logistics and payment headaches including working with Microsoft in the past five months to deploy the most robust technology platform that will manage our aggressive expansion.
“We are almost there and few weeks from now, the nation will start feeling the power of Konga before we start rolling out to other English-speaking West African countries.”
Quizzed on why Konga had not raised any form of capital from investors, Imudia noted that the management of the new Konga was more interested in restructuring and positioning the business on the path of consistent growth rather than rush to raise money.
“As you know our investors are people who take commercial decisions and are not into losing money as a lifestyle. The management of Konga has enough resources to drive the company’s ambitions of becoming number one in Africa. As a result, it is not looking to rush to take investor funds, even though we have received quite a number of very good offers from potential investors in the past few months.
“We want to make it profitable first and then invite value-adding investors, not just cash investors. I am sure you know the capacity of our investor, they are experienced, successful and have combined local knowledge and international network of over 35 years,” he concluded, even as he pleaded for more time to enable the Management of the company formally present its roadmap to the public.