Konga grows more than 750% in value

Electronic commerce and retail firm, Konga, has achieved more than 750 per cent improvement on its valuation since it was acquired by Zinox Group over a year ago.

The Co-Chief Executive Officer, Konga Group, Mr Nick Imudia, who made this known on Thursday, said that the company had recorded significant growth in the past 12 months in various areas of the business.

“Konga is on track to become the first e-commerce company to turn profitable in Africa. There is no reason why it 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.

“We have worked 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,’’ he said.

Imudia said 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.