Foremost retail giant, Konga rejected over $300m investment from global investors and has invested $120m since its acquisition two years ago in Nigeria alone. It is now strategically structured to take on other African countries.
The Co-Chief Executive Officer, Konga Group, Prince Nnamdi Ekeh disclosed this in an interview with Channels TV on Sunday, 2nd August 2020.
‘‘Though we started with a monthly loss of N400m, but with new systems, structure and energy put in place, we have gradually been reducing losses and now about N100m loss per month. E-Commerce is an expensive project but we are best positioned to deliver as a very innovative technology company,’’ he said.
Konga employs 150,000 Nigerians
Channels TV had hosted Prince Ekeh on an interview programme Kaleidoscope. The young business leader, also revealed that Konga employs directly and indirectly over 150,000 Nigerians. Most of them as merchants, logistics, and other service providers.
‘‘We partner to create a trusted and sustainable digitally-driven ecosystem and working hard to scale this to about 250,000 before the end of 2020.
‘‘We see ourselves as more than just an e-commerce company. Konga is a technology company and as a technology company, we are positioned to leverage that status in deploying new solutions and innovations. Indeed, no one should be surprised if tomorrow, Konga starts launching space ships into orbit,” Ekeh says.
Speaking with the host about investments, Prince Ekeh revealed; “Although we have received several offers from interested investors, we are content with the group that is currently funding Konga.”
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He explains that this is because ‘the group is highly ethical and wants [it] to maintain the highest level of integrity’.
“Our investors have assured us of enough capital to survive the next five years at least. This was why we did not accommodate a valuation of $300m from a consortium of global investors last year,” he adds.
You can watch the interview between Prince Nnamdi Ekeh and Channels TV’s Kaleidoscope below:
Zinox Group acquired Konga in December 2018 and it has achieved over 1000% growth since then. The company has grown from a position of strength into arguably Nigeria’s leading e-commerce brand. It has a long list of innovative strategies and solutions that sets it apart in the sector.
However, the goal is far from achieved. He mentions that Konga looks to expand into other African markets after cementing its place in the Nigerian market. “The e-Commerce market in Africa is still a largely untapped one. Therefore, any company that makes the right in-roads will reap huge benefits from it,’’ he said.
Additionally, the New York Stock Exchange; the London Stock Exchange; and the Nigerian Stock Exchange have been in touch with the company seeking to list it on their markets. Prince Ekeh says that it will happen as part of Konga’s African expansion plan when it becomes a ‘multi-billion-dollar business’.
Konga is still rebuilding
The Co-CEO reveals that the company is still rebuilding, which is an important aspect of growth. He says, ‘‘our strategies and tact are 21st century influenced, but also taking cognisance of deficiencies in our country and that was why we spent the first two years rebuilding technologies, setting up secure but robust warehousing facilities and delivery logistics nationwide.
“With these under our control and owned by us, we are driving towards profitability. It is important to note that at Konga, we do not believe in just hype. In addition to our status as a technology company, Konga is also Nigeria’s first-ever marketplace and composite e-commerce group. The company is on the verge of rolling out a suite of cutting-edge solutions and services that will excite the market very soon.”
There is more to expect as Prince Ekeh hinted at more going on behind the scene at Konga. For example, it just re-launched the Konga Affiliate programme. Also, it developed a solution for corporate procurement which has helped procurement managers in major establishments.
“Konga boasts the largest collection of merchants and because of this, pricing is very aggressive, thereby helping procurement managers get the best deals on Konga while also promoting transparency. We are committed to our vision and clearly understand that it is a long term and highly ethical race,’’ he concluded.
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