NIGERIA – Nigerian based B2B e-Commerce platform for consumer goods in Africa, Tradedepot has raised a further $10 million in a pre-Series B equity round to help support the platforms market expansion initiatives.
TradeDepot in a statement revealed that the equity round was co-led by Partech, International Finance Corporation (IFC), Women Entrepreneurs Finance Initiative (We-Fi), and MSA Capital.
The US$10 million funding is a major addition to the platforms coffers, boosting the US$3 million raised in the Series A led by Partech in 2018.
TradeDepot revealed that the new investment will be used to continue its integration of the fragmented informal retail supply chain in Nigeria, and further expand into other African cities.
The Nigerian based e-commerce platform further revealed that it also plans to launch a suite of financial products and credit facilities, for its retailers.
TradeDepot explained that the financial products and credit facilities will help retailers in improving efficiencies in their businesses in order to scale and grow.
“We are excited to strengthen our team and welcome on board some strategic investors and partners, as we double down on our mission to digitize and simplify retail distribution for the continent,” Onyekachi Izukanne, Chief Executive Officer and co-founder of TradeDepot said.
Izukanne noted 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.
Since its launch in 2016, TradeDepot, has built a network of over 40,000 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 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.
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