25.5 C
Sunday, January 17, 2021
- Advertisement -

Tradedepot Raises $10 million in New Equity Round


2020: A Year Like no Other By Dakuku Peterside

The year 2020 was supposed to be a great year. It was another Leap Year – the famed Olympic Games year when...

The Time to Restructure is Now – Bola Tinubu

Being with you at this special event today, I am visited by two competing emotions. I continue to feel a profound sense...

Africa and the COVID-19 Vaccine – By Dakuku Peterside

The year 2020 will forever be synonymous with Covid-19, a pandemic that brought the world to her knees. For the first time...

Buhari is Repressing Human Rights and Getting Away With It – By Kolawole Olaniyan

President Muhammadu Buhari is failing to live up to his promises to ensure respect for human rights, obey the rule of law,...

TradeDepot, the Nigeria-based business-to-business e-Commerce platform for consumer goods in Africa, has raised $10 million in additional funding.

The company said that the equity round was co-led by Partech, the International Finance Corporation (IFC), Women Entrepreneurs Finance Initiative (We-Fi), and MSA Capital.

TradeDepot had earlier raised $3 million in a Series A equity round led by Partech in 2018. Tradedepot intends to use the funds to continue its integration of the fragmented informal retail supply chain in Nigeria, and further expand into other African cities.

TradeDepot also plans to launch a suite of financial products and credit facilities, to support its retailers in improving efficiencies in their businesses in order to scale and grow.

Onyekachi Izukanne, Chief Executive Officer and co-founder of TradeDepot said, “We are excited to strengthen our team and welcome on board some incredible strategic investors and partners, as we double down on our mission to digitize and simplify retail distribution for the continent.”

Izukanne said that in the trillion-dollar offline retail market in Africa, the company is set to capture a greater market share through its strategy of driving down costs for the retailers and smoothening their processes.

Many retailers lack sufficient funds and credit facilities to grow their businesses, and TradeDepot offers them a chance to leverage on its network, Izukanne added.

This has been Tradedepot’s operating model since 2016, and it has built a network of micro retailers, making household supplies and store essentials more accessible and affordable for the informal retail network.

TradeDepot partners with major brands and distributors to make these products available for retailers to order via its mobile apps, (Android and Whatsapp), USSD or a toll-free number and have the goods delivered directly to their stores via the company’s fleet of vans and tricycles.

TradeDepot also provides a CRM and data management system that enables suppliers to plan and monitor their sales routes in real-time, as well as gain invaluable insights into trade and retail data.

Wale Ayeni, Head of Africa Venture Capital Investment at IFC notes that TradeDepot is helping to digitize a substantial underserved informal retail segment, which is the pillar of economic growth in Africa.

Hanh Nam Nguyen, Program Manager, speaking on behalf of IFC as implementing partner of We-Fi, stated that, “We-Fi financing will incentivize TradeDepot to build stronger women-led small and medium enterprises (SME) retailer and distributor networks, which will support them to become drivers of economic growth in their communities.”

- Advertisement -
- Advertisement -

Business Profiles

Ngozi Edozien

Ngozi Edozien is the founder and Managing Director of Invivo Partners Limited. She has over 20 years’ experience in finance/private equity, general...

Sanyade Okoli

Sanyade Okoli is Chief Executive Officer at Alpha African Advisory. She has over 21 years of financial advisory, private equity, corporate, commercial...

Samuel Nwanze

Samuel Nwanze is a director of Transcorp Power. He holds an MSc. degree in Finance and Management from Cranfield University in the...

Olukemi Adeniji

Ms Adeniji has a law degree and a Masters in International Law and Diplomacy (M.I.L.D) from the University of Lagos. She has...

Chikezie Nwosu

Chikezie Nwosu is an experienced senior executive with over 29 years local and international experience in the oil & gas industry vis-a-viz...