B2B Retail Marketplace Betastore brings in $2.5 million

Nigeria-based B2B retail marketplace Betastore has raised $2.5m to help informal stores in West and Central Africa cope with financial issues and stock-outs, report says .

The market, by removing middlemen, will allow informal traders to access fast-moving consumer goods from manufacturers and distributors.

The intention is to make the products cost-competitive, and the marketplace will work with logistics partners to ensure items are delivered within one day.

Betastore aims to expand beyond its three existing markets by the end of the year, including Ghana, Democratic Republic of Congo and Cameroon.

Company CEO Steve Dakayi-Kamga said the important thing was to scale the business through an asset-light strategy.

Dakayi-Kamga said the goal is for the asset-light strategy to help not have “capital or labor-intensive assets” on warehouses or its fleet. Delivery.

Thanks to this, the company can optimize its technology by acquiring products from nearby distributors.

The company plans to expand to more than 100 cities in Nigeria, Ivory Coast and Senegal before the end of the year.

It will also consider bolstering its technical and management teams, and the company is expected to begin funding in July.

Nigerian businesses have recently been gaining momentum in various fields.

Tingo, a Nigerian agri-fintech, for example, plans to merge with MICT, the Nasdaq-listed financial services provider, to help earn $900 million in annual revenue to expand into African and Asian markets.

Read more: Nigerian fintech Tingo announces $900m merger with MICT

The merger will combine MICT’s wealth management, equity trading and insurance offering capabilities with Tingo’s FinTech and one-stop marketplace.

According to Dozy Mmobuosi, who will be MICT’s CEO after the merger, Tingo was impressed with how MICT had operated in China, and the company believes there is a large crowd for its platform, including 200 to 400 million members of the farming community.

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