Online retailer Takealot has just received almost R1 billion in investment from South African media giant, Naspers.
Takealot announced late Tuesday afternoon that it has just secured R960 million investment from the group, following up on its 2015 investment which saw the site merging with Kalahari.com.
“Takealot has continued its robust growth since its merger with Kalahari in 2014, and boasts a stable of businesses including takealot.com, South Africa’s leading general e-tailer, Superbalist.com, the fashion etailer, Mr D Food, South Africa’s largest restaurant food delivery service, and Mr D Courier, its point to point courier services,” the company said.
The investment was made in the hopes of competing in the small but growing local online shopping market, which accounts for less than 2% of the non-grocery retail market and less than 1% of the total retail market.
“We are super excited about this latest investment as it will allow us to continue to grow the business in a market with huge potential. Naspers has been a wonderful supporter of our business and we are grateful for their ongoing commitment and show of confidence in both the business and the market. This is great news for our customers and employees alike.” said Takealot Founder and CEO Kim Reid.
“The team continues to drive exciting growth and shows great promise in a market we expect to go from strength to strength. We are pleased to support their ambitions to build an enduring eCommerce business for South African consumers and Takealot’s partners alike.” said Oliver Rippel, CEO, B2C Ecommerce, Naspers.
Takealot said it has filed a large merger notification with the South African Competition Commission in anticipation of finalising the investment from Naspers, which would make Naspers the majority shareholder in Takealot.