Wasoko, Africa’s largest B2B e-commerce startup, expands its African B2B e-commerce community into DRC, leveraging its Rwandan hub.
Wasoko, an African e-commerce firm that at present operates in Kenya, Tanzania, Rwanda, Uganda, and Zambia, has expanded into the Democratic Republic of Congo (DRC). This marks its second nation growth this yr, following its debut in Zambia in May.
The growth is being facilitated by way of Wasoko’s current e-commerce hub in neighbouring Rwanda. The e-commerce firm has expanded its attain to small companies in Goma, the capital of DRC’s North Kivu province, with the assistance of cross-border commerce zones supported by the Rwandan authorities as a part of its extra complete drive to foster regional financial integration.
Growth in Rwanda
Following its growth into Rwanda in 2019, Wasoko
witnessed an astounding enhance in its revenues, surging from $2 million in its inaugural yr of operation to $48 million in 2022. Presently, the platform caters to over 5,000 casual retailers solely in Rwanda. Given the spectacular efficiency achieved in Rwanda, Wasoko is equally optimistic about leveraging its current infrastructure to drive progress for small companies in neighbouring DRC.
“As one of Africa’s largest countries, the DRC presents a substantial market opportunity for Wasoko. Despite a rapidly growing population of nearly 100 million people with increasing purchasing power, the country’s significant infrastructural challenges have placed huge limitations on its e-commerce sector, which presents a vastly untapped opportunity,” Daniel Yu, Wasoko’s founder and Global CEO stated relating to the growth.
Wasoko’s growth into the DRC is the most recent milestone for the corporate. In March 2022, Wasoko raised a $125 million Series B spherical, making it the most important enterprise financing spherical ever raised for a non-fintech startup in Africa.
Philip Lucky, Acting Chief Investment Officer, Rwanda Development Board, enthusiastically praises Wasoko’s growth into the DRC. According to him, “The Government of Rwanda is pleased with Wasoko’s expansion to the DRC. It joins Rwanda’s success stories of its proof-of-concept strategy, which allows investors to set up and test their solutions in Rwanda before scaling to the region. We remain committed to improving Rwanda’s ICT & Innovation eco-system in order to enable investors and startups to thrive.”
After increasing to DRC, Wasoko plans to copy its mannequin in different African areas. This is a part of its long-term aim to strengthen its Pan-African presence, empower native companies, and join African customers with a variety of services.
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