In a series C funding round led by Knuru Capital, Nigeria-based classifieds company, Jiji, has raised $21 million.
Early in April this year the company acquired a major competitor in OLX, in the process establishing a presence in four other countries -- Ghana, Kenya, Tanzania, and Uganda.
According to Ukrainian tech news site, AIN.UA, the deal was reported to be worth between $1.5 million and $3.4 million.
Making claims to be the largest online classifieds site in Africa, the company now has 2 million listings across Africa with 8 million monthly users as of 2018.
Crunchbase is said to have reported that the company raised undisclosed amounts in series A and B, however, TechCrunch reports that the recent series C funding makes it a total of $50 million raised by Jiji since 2014.
According to the co-founder, Vladimir Mnogoletniy, the Pan-African classifieds company plans to create more listings, upgrade the platform, and grow the number of transactions on its site.
In a classifieds market riddled with the challenges of low Internet penetration, high cost of Internet, and poor economic conditions, Jiji is still bullish even though it has seen a number of shutdowns occur over the past few years.
Suggested Read: Why general classifieds sites might not be so successful in Nigeria
However, over the next few years, it might face stiff competition from old players in Jumia Deals, Cars45, Ringier Africa and MallforAfrica; and new players like Opera’s newly-backed classifieds site, OList.
Written by seasoned experts, who have over 16 years of experience in Free Zones development. Learn more.
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