Naspers, a global internet and entertainment group and one of the largest global technology investors has invested R960 million in South African company Takealot, the leading e-Commerce retailer in the country and one of the most innovative in Africa.
Takealot boasts a stable of businesses including Takealot.com; leading
South African general retailer, the fashion retailer Superbalist.com; Mr D Food, the country’s largest restaurant food delivery service; and its point-to-point courier service Mr D Courier.
“We are super excited about this latest investment as it will allow us to continue to grow the business in a market with huge potential,”Kim Reid, Takealot Founder and CEO said.
With online retail accounting for less than 2 per cent of the non-grocery retail market and less than 1 per cent of the total retail market, retail remains highly competitive in South Africa.
Oliver Rippel, CEO, B2B e-Commerce, Naspers said, “The team continues to drive exciting growth and shows great promise in a market we expect to grow from strength to strength.”
Rippel added that Naspers is pleased to support Takealot’s ambitions to build an enduring e-Commerce business for South African consumers.
This investment which follows an earlier one Naspers made in the company in 2015 makes it the majority shareholder in Takealot.
A merger notification filed with the South African Competition Commission will finalize the investment.