Jiji, an online marketplace in Africa has raised $21 million in its Series C funding round. The round had participation from six investors led by Knuru Capitals.
Jiji is e-commerce that offers the platform for thousands of buyers and sellers to exchange goods and services. The company has its presence in Nigeria, Ghana, Uganda, Tanzania, and Kenya. It has its top 3 categories for revenue generation and listings in vehicle sales, real estate, and electronic gadgets.
The $21 million funds will be used to penetrate the 5 markets it currently occupies and upgrade its platform to accommodate more product listings. It will also create an improved platform where buyers and sellers in the real-estate sector can be matched.
See Also: Jiji Acquires OLX Businesses in Sub-Saharan Africa
Meanwhile, the Ukranian entrepreneur and co-founder Jiji, Mr Vladimir Mnogolentry has stated that the classified site has gained over two million listings via its African platforms in recent times. These figures increased to about 8 million unique monthly users according to a report released by the company’s 2018 statistics.
Vladimir also noted that the platform is the largest marketplace in Africa where users can sell anything and can be likened to the combination of eBay and Craiglist for Africa.
The newly acquired fund will amount the total fundraised by Jiji to $50 million between 2014 and 2019.
It is pertinent to recall that Jiji bought over OLX in Ghana, Kenya, Tanzania, and Uganda. Thus, the fund will help it penetrate further into these markets and better serve customers. It will also enable the company to compete favourably with the likes of Jumia, Konga, and Ringier Africa.
More on TechGist Africa
- Frontier Car Group, Parent Company of Cars45 Raises $400 Mn from OLX Group
- Technology Spending in Middle East & Africa to hit $149bn in 2023
- Safaricom Launches New Investment Project Mali
- NITDA Introduces Smart Agro Business Platform in Nigeria
- Cell C Partners Explore Data Science Academy to Train Africa Students