A newly founded Joint Venture between Swiss Ringier Africa AG and South African Silvertree Internet Holdings (Pty) Ltd, Ringier Africa Deals Group, announced that it has acquired Nigeria’s leading online discount and shopping store, DealDey for an undisclosed amount. This deal represents a significant turning point in investing in Africa’s e-commerce space as the JV partners bring over ten years of experience in e-commerce on board. It also reveals renewed confidence in the buoyant, fast-paced e-commerce sector.
“The DealDey team is excited about joining forces with the newly-formed Ringier Africa Deals Group. It offers great opportunities as DealDey brings a wealth of experience in technology, merchant management and consumer behaviour in Nigeria – and we will be leveraging the Ringier Africa portfolio in marketing, classifieds and media as well as Silvertree’s e-commerce expertise towards supporting the sustainable growth of the group,” said Kehinde Oriola & Etop Ikpe say: DealDey Co-CEOs.
Since the beginning of this year several investors have come into Nigeria to invest in its e-commerce business. This shows that investors have realized the rapid growth of demand for consumer business and middle class in the continent. This growth has been attributed to the continent’s rapid growth of digital technology, which includes e-commerce and mobile payment.
Last month AXA announced its partnership with one of Nigeria’s leading ecommerce site, Jumia in order to provide insurance coverage for Nigerians. Earlier in this year Silvertree group which is a member of the JV announced that it was going to invest up to $10million additional dollars in African entrepreneurs and e-commerce enterprises.