MarketForce, a Kenyan B2B retail and monetary companies distribution startup, has expanded into 5 further markets throughout Africa to develop RejaReja — its retailer ‘tremendous app’ that makes it doable for casual retailers to order and pay for stock digitally, settle for funds for utility payments, and entry financing for his or her companies.
The startup has as we speak introduced entry of RejaReja, the B2B retail market, into Ethiopia, Ghana, Tanzania, Rwanda and Uganda, after profitable pilot packages, coming about two months after it grew past Kenya by launching in Nigeria.
MarketForce has partnered with Cellulant, a pan-African funds firm that makes it doable for native and worldwide retailers to simply accept “regionally related and different” cost strategies from their prospects, to increase into these new markets.
“We’re working with Cellulant to open the brand new markets, and the reason being they have already got a presence in these markets and have partnerships with each banks and billers. This can be certain that we deal with buying new retailers,” MarketForce’s co-founder and CEO, Tesh Mbaabu instructed Techrunch.
Cellulant has partnerships with 46 mobile-money operators in Africa, 120 banks and serves 35 African international locations with a bodily presence in 18, based on the funds agency. RejaReja is about to faucet Cellulant’s protection to develop throughout the continent.
“We’ve been piloting this partnership for six months and are joyful to announce the plan to increase the fruitful relationship we now have constructed with MarketForce in Kenya…This collaboration will make our digital monetary companies obtainable to hundreds of thousands of Africans, with the aim of considerably boosting monetary inclusion and incomes for retailers throughout Sub-Saharan Africa,” stated Cellulant chief enterprise officer, David Waithaka.
Mbaabu stated that they goal to develop their RejaReja retailers tenfold to 1 million by the top of subsequent yr. RejaReja has skilled a speedy development since its launch in December 2020 with over 87,000 orders made by the platform thus far at a mean basket worth of $151. It’s anticipated to file $60 million in annualized transaction quantity by the top of this month.
“In November we hit 100,000 retailers in Kenya and Nigeria and this quantity is rising fairly quickly. Presently, we’re rising 40% month on month. This reveals how sturdy our service is,” stated Mbaabu.
“The expansion is as a result of the retailers are seeing the worth, it’s a vote of confidence in our platform by the retailers. And a number of them are utilizing know-how for his or her companies for the primary time,” stated Mbaabu, who co-founded MarketForce with Mesongo Sibut in 2018 as an SaaS product for the formal markets. The service’s lively customers embody Unilever, Pepsi, Safaricom and CocaCola. MarketForce not too long ago raised $2 million in seed funding.
The startup’s plan for RejaReja is to have a presence in each market throughout sub-Saharan Africa within the close to future by constructing an all inclusive platform for the casual retailers, who promote an enormous chunk of the fast-moving client items (FMCGs) in Africa. In sub-Saharan Africa about 80% of family retail is delivered by casual retailers however these retailers are confronted with plenty of challenges like stockouts, earnings instability and financing that make it onerous for his or her companies to develop.
MarketForce, by RejaReja, is offering options to those challenges by guaranteeing next-day supply of products, and utilizing their knowledge to develop the credit score profiles wanted to safe loans. The startup has partnered with Pezesha — a digital monetary market platform — to increase loans to its retailers.
Mbaabu stated, “we see RejaReja being the most important retail distribution community in sub-Saharan Africa.”
“The aim is to empower all these retailers to develop their incomes and earnings in a digital age, to entry stock, to behave as particular brokers for varied monetary companies, and to make further earnings consequently. We’re in a position to prolong working capital loans too.”