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Takealot gets R960m boost

Technology

Johannesburg – Online retailer Takealot has received a R960 million investment from Naspers.

In a statement issued on Tuesday, it says this follows earlier investments from both Tiger Global and Naspers in 2015.

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The company says it has continued its robust growth since its merger with Kalahari in 2014, and boasts a stable of businesses including Takealot.com, 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 service.

“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,” says founder and CEO Kim Reid.

Read also: Kalahari's sale to Takealot approved

The ecommerce sites notes that online retail accounts for less than 2 percent of the non-grocery retail market and less than 1 percent of the total retail market.

However, pointing to international experience, it says there is clear room for growth, becue online retail accounts for 17 percent of total retail in China.

Takealot 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.

BUSINESS REPORT ONLINE

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