Nick Imudia, the Co-Chief Executive Officer (CEO) of Konga Group announced that the financial result of the e-commerce company shows it is getting closer to becoming the most profitable e-commerce business in Africa.
Overtime, e-commerce companies in Africa have struggled to make profit. The online retail sector has a high-entry barrier and cost of sale is usually high, thereby making profitability nearly impossible.
Imudia noted that Konga is likely to become profitable by 2021. He said the firm will attain the title of the number one e-commerce company in Africa. This will be achieved, despite the presence of strong competitors like Jumia.
The Co-CEO’s confidence about Konga being the first profitable e-commerce venture is linked to the company’s strides within the last twelve months. Imudia revealed that the recent financial result has shown that Konga will keep the promise it made to the stakeholders. Adding that the growth of the company earned it a rating from Early Metrics.
According to Imudia, “there is no reason why Konga cannot emerge as the first profitable e-commerce company in Africa. We are determined to set this record in the e-commerce world. Over the past 18 months, since the business was acquired by the Zinox Group, there has been a huge transformation which has repositioned Konga as one of the most viable ventures not just in Africa but globally, as justified by our elevated rating by Early Metrics”.
Imudia, who also spoke on the company’s plans for expansion, said “we understand this market more than any competitor and have been investing creatively nationwide to resolve issues like warehousing, delivery logistics, and payment headaches including working with Microsoft in the past five months to deploy the most robust technology platform that will manage our aggressive expansion”.
He added that “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”.
Imudia said Konga‘s management has enough resources to drive the company’s ambitions. Therefore, the company doesn’t need investors’ funding for now. He noted that the company has grown more than 750 percent since acquisition by Zinox Technologies.