VentureHunt reports that Zinox Group has acquired Nigerian e-commerce giant and online mall, Konga, along with its subsidiaries Kongapay and KOS Express.
The news report says that the acquisition cost Zinox $10 to $15m and that both Yudala and Konga will be integrated “with potential to expand across Africa”. No details of what that integration means have been provided, but things shall unfold in the weeks and months ahead. The son of Zinox Chairman is said to be the owner of Yudala.
Fresh Life From Zinox Group
Like most other e-commerce operations in Nigeria, Konga has had to deal with the rough conditions of the country. The struggle to keep operational expenses low without sacrificing operational efficiency and service delivery is a very real one.
Just last December, Konga Nigeria executed a number of reforms, including laying off some staff and dropping the payment-on-delivery service that its customers had been enjoying.
The acquisition by Zinox Group is a fresh breath of life to Konga and its operations. Whether it will continue to operate under its present brand name or it will be absorbed under another brand identity (Yudala or some other) remains to be seen.
News Source. Thanks to EyeBeeKay for the tip-off.