UPDATE 1: A reliable source in the Zinox Group has confirmed to Techpoint that contrary to speculation and some reports, Konga will not be merged with Yudala. The source who refused to be named said both companies will still run independently.
UPDATE 2: Kinnevik and Naspers, two longtime investors in Konga, may have lost a combined 184% return on investment. Read more here.
UPDATE 3: 3 possible reasons Leo-Stan Ekeh bought Konga. Read more here.
The Zinox Group has reportedly acquired Konga but the financial aspects of the deal are still not in the public domain.
The acquisition encompasses all of Konga; its eCommerce domain, Konga.com, KOS Express which is its logistics arm, and KongaPay, the integrated mobile money payment channel.
According to a ThisDay report, Head of Corporate Communications at the Zinox Group, Mr. Gideon Ayogu confirmed the acquisition. The report also confirmed that the deal was sanctioned by the Securities and Exchange Commission (SEC).
The Zinox Group is an ICT company and OEM with its own line of computers. The group has pioneered in many aspects of technology and innovation in Nigeria.
This acquisition portends good things for the brand as the Zinox Group is one of the pioneers in Nigeria’s eCommerce industry with BuyRightAfrica.com. This domain knowledge is going to go a long way in positive restructuring and repositioning.
There is also a high possibility that Konga will be merged with Yudala an eCommerce company under the Zinox Group.
With Yudala’s strong offline presence, the likely merger will birth a powerful brand.
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New Report: Nigerian startups raised $24.7 million in Q2 2019, 40% higher than Q1. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.