Broad-based multinational internet and media group, Naspers will invest R960 million or $70m in Takealot Online. This follows earlier investments from both Tiger Global and Naspers in 2015.
In a statement Takealot says it “has continued its robust growth since its merger with Kalahari in 2014, and boasts a stable of businesses including takealot.com, South Africa’s leading general etailer, 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 services.
“Retail remains a highly competitive market in South Africa, and online retail accounts for less than 2% of the non-grocery retail market and less than 1% of the total retail market. With online retail penetration, according to Euromonitor, in the teens in the US and UK retail markets, and at 17% in China, the potential in South Africa is clear to see”.
“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.” said Takealot Founder and CEO Kim Reid.