Konga Emerges Africa’s Biggest Online Retailer

 

Nigeria’s leading online retailer, Konga is set to become Africa’s biggest internet company as an investment of about $60 million is set to be injected into the company.

Reports from Ventures Africa has it that Konga’s value will rise to about $190 million post the capital injection.

But while the new investment speaks volume of investors’ confidence in Konga, founded by Sim Shagaya who also owns DealDey, and online shopping and daily deals,major rival in the online retail space in Nigeria, Jumia may not be having the best of times.

Its mother company, Rocket Internet had its IPO held last week, but the company’s shares had already fallen 13 percent on the Frankfurt Stock Exchange.

The fall regardless, Rocket’s IPO remains the largest German tech IPO in the past decade, with the company now valued at €6.7 billion ($8.5 billion).