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Johannesburg - Takealot Online announced on Tuesday that it has received a R960m investment from Naspers.
“This latest investment follows earlier investments from both Tiger Global and Naspers in 2015, and underlines the continued commitment to Takealot and confidence in the potential of South Africa’s ecommerce sector,” the company said in a statement.
Takealot has continued its growth trajectory since its merger with Kalahari in 2014, and boasts a stable of businesses including Takealot.com, fashion etailer Superbalist.com, restaurant food delivery service Mr D Food, and its point to point courier service Mr D Courier.
Online retail accounts for less than 2% of the non-grocery retail market and less than 1% of the total retail market in South Africa.
READ: Trust a big factor for e-commerce in Africa
“With online retail penetration, according to Euromonitor, among teens in the US and UK retail markets, and at 17% in China, the potential in South Africa is clear to see,” said Takealot chief marketing officer Julie-Anne Walsh. She added that the Naspers investment will allow the company to grow the business in a market with huge potential.
"Naspers has been a wonderful supporter of our business and we are grateful for their ongoing commitment and show of confidence in both the business and the market,” said Takealot founder and CEO Kim Reid.
Oliver Rippel, CEO, B2C Ecommerce, Naspers said the Takealot team continues to drive growth in a market expected to go from strength to strength.
Takealot has filed a large merger notification with the South African Competition Commission in anticipation of finalising the investment from Naspers, which would make Naspers the majority shareholder in the company.
- Takealot Online is a part of Naspers, the owner of Media24, Fin24's parent company.
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