South African e-commerce platform, Takealot has raised an estimated $100 million from Tiger Global Management.
Takealot which owns a controlling interest in food delivery service, Mr Delivery plans to use the capital to grow aggressively into the rest of sub Saharan Africa.
According to the company’s CEO, Kim Reid: “If you look at the size of the market right now, there is a R550bn opportunity in which e-commerce is only just beginning to play a role.” According to him, the company has enjoyed in excess of 100% year over year growth and wants to continue to accelerate its growth rate.
The company’s initial short term focus is South Africa. “We are running hard on the heels of Kalahari, if we have not surpassed them already, and we think we will be the largest e-commerce player in South Africa in the next six to eight months,” he said.
Takealot wants to be the continent’s de facto e-commerce giant and is one of the continent’s fastest growing e-commerce retailers.