#53: Konga - How the Ecommerce platform initially grew and eventually reset across Nigeria
Afrobility: Africa Tech and BusinessPlay episode
Show notes
Overview: Today, we discuss Konga, the Nigerian e-commerce company. We’ll explore the Konga story across 5 areas:
We'll give some context about the Nigerian e-commerce sector Konga's early history Product & Monetization strategy Konga sale Overall outlook This episode was recorded on July 3, 2022
Companies discussed: Konga, Jumia, Naspers, Kinnevik, Jiji, OLX, Amazon, Takealot, Yudala & Zinox
Business concepts discussed: Ecommerce, marketplaces, classifieds, fundraising strategy, Blitzscaling risks, market readiness & Africa expansion
Conversation highlights:
(01:13) - Konga background and why we’re talking about it (09:19) - Nigeria background and context (14:00) - Nigeria commerce context c. 2012 (17:00) - Background on Sim Shagaya (29:02) - Konga launch strategy and fundraising (45:55) - Konga monetization (50:51) - Competition with Jumia (1:04:35) - Konga’s business lines (1:08:10) - Konga’s declining fortunes and sale to Zinox (1:27:00) - Lessons for startups from Konga (1:39:28) - Bankole’s overall thoughts and outlook (1:53:57) - Olumide’s overall thoughts and outlook (1:57:34) - Recommendations and small wins
Olumide’s recommendations & small wins:
Recommendation: Eboys - Book about the history of Benchmark Recommendation: Different kinds of smart (Morgan housel blog post). Article so good that I subscribed to his entire blog Small win: Listening to 20MinVC episode with Fabrice Grinda (OLX founder) the day after I published Afrobility OLX episode Interested in investing in Africa Tech with Olumide: Read about Adamantium fund & contact me at olumide@afrobility.com Founders looking for funding: If you're a B2B founder working on Education, Health, Finance or food, please contact me for funding at olumide@afrobility.com
Bankole’s recommendations & small wins:
Recommendation: Business Breakdowns Podcast - Amazon Aggregators Small win: in-person meetings with friends at work Other content: Chinese E-Commerce to Surpass 50% of Total Retail Sales | BoF - link
Listeners, Operators & Investors: Email info@afrobility.com, we’d love to partner or get your feedback.
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