TradeDepota B2B marketplace that connects micro-retailers with fast-moving consumer goods (FMCG) distributors and manufacturers, acquired green lionits competitor in Ghana, for an undisclosed amount, paving the way for its growth and the provision of its services throughout the West African country.
The acquisition involves a complete takeover of Green Lion’s assets, relationships in Ghana and its employees. Green Lion had developed fintech solutions to enable merchants to access funding and a digital ledger Wysr, which retailers use for inventory tracking and accounting. Green Lion was co-founded by Jorge de Rojas, Enrique Moreno de la Cova and Miguel de Rojas in 2018.
Green Lion has so far completed 29,854 transactions with 4,404 clients, making it one of the largest B2B e-commerce platforms in Ghana. As of September last year, it had a presence in four cities and planned to enter more after raising debt financing from Global Social Impact Investments. It was also looking to increase the number of its customers to 15,000 by the end of this year. Prior to acquiring Green Lion, TradeDepot was only active in Accra, the capital of Ghana.
TradeDepot is now poised to accelerate its growth across the country by building on what Green Lion has achieved and using its data, technology and logistics network to connect more neighborhood retailers to suppliers, while empowering them access to financing options like loans or BNPL support. The BNPL offer is integrated into the company’s ShopTopUp platform.
“Ghana represents an important market for consumer goods in Africa and we are delighted to join the Green Lion team to drive the growth and prosperity of more retailers and distributors in the country. We look forward to deepening our relationship with the market and working with more partners to maximize the opportunities that abound in Ghana and beyond,” said CEO and co-founder of TradeDepot. Onyekachi Izukanne.
TradeDepot, which was founded in 2016 and recently raised $110m in Series B funding, uses its own warehouses and driver fleets to distribute FMCGs to its network of micro-retailers in Nigeria, Ghana and South Africa. South. The Series B round remains one of the most important for B2B e-commerce platforms in Africa.
It started in Nigeria by distributing milk to small retailers before branching out into other fast moving products. According to a past interview, the startup now serves over 100,000 merchants. Its main competitors are Sokowatch and Marketforce, scale-ups that also broadcast the informal retail supply chain.