Takealot.com raises R1bn for expansion | Fin24
 
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Takealot.com raises R1bn for expansion

May 26 2014 16:46
Cape Town - South African online retailer, takealot.com, has raised over $100m (over R1bn) as part of its aggressive growth strategy in South Africa and sub-Saharan Africa.

"We have tremendous potential in a large sustainable market and we are excited to keep investing for the long-term,” said takealot.com CEO Kim Reid.

Investment firm Tiger Global Management, who helped helped takealot.com raise the funds, also invested in some of the top online retail companies globally.

Reid said the group is excited about Tiger Global’s continued support of the business.

"This will allow us to accelerate growth and drive scale", he said.

Tiger Global Management, who initial invested in takealot.com in 2010, said it is impressed with the firm.

"The company is establishing a strong leadership position in South Africa and sub-Saharan Africa", said Lee Fixel, partner at Tiger Global Management.  

Jefferies Group LLC acted as financial advisor on the transaction.

Takealot.com was founded in 2010 and sells products across more than 18 lifestyle, electronic and general media categories. In 2012 takealot.com purchased a majority stake in Mr.Delivery.

World Wide Worx research shows that online shopping is growing at more than 30% a year.

Although in South Africa online transactions account for less than 1% in a retail market in excess of R500bn, with Kalahari being South Africa’s largest online store.


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kalahari  |  online shopping  |  retail
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