#53: Konga - How the Ecommerce platform initially grew and eventually reset across Nigeria

Afrobility: Africa Tech and Business

Innhold levert av Olumide Ogunsanwo and Bankole Makanju, Olumide Ogunsanwo, and Bankole Makanju. Alt podcastinnhold, inkludert episoder, grafikk og podcastbeskrivelser, lastes opp og leveres direkte av Olumide Ogunsanwo and Bankole Makanju, Olumide Ogunsanwo, and Bankole Makanju eller deres podcastplattformpartner. Hvis du tror at noen bruker det opphavsrettsbeskyttede verket ditt uten din tillatelse, kan du følge prosessen skissert her https://no.player.fm/legal.

2y ago 2:01:50

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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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