TradeDepot, the Nigerian B2B eCommerce platform that connects micro-retailers with distributors and manufacturers of fast moving consumer goods (FMCGs), has its Ghanaian competitor, Green Lion, for an undisclosed amount.
The acquisition sees TradeDepot taking over all of Green Lion’s assets, relationships in Ghana and its employees.
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Co-founded in 2018 by Jorge de Rojas, Enrique Moreno de la Cova and Miguel de Rojas, Green Lion had developed fintech solutions to enable traders access to financing, this includes Wysr a digital ledger that retailers use for stock monitoring and bookkeeping.
Ghana’s Retail Industry Market is expected to grow at a CAGR of 14.6% during 2021-2028
To date, Green Lion has made 29,854 transactions with 4,404 customers — making it one of the largest B2B e-commerce platforms in Ghana whose retail sector is valued at $24.4 billion and is expected to grow to $33.16 billion by 2024.
Prior to the Green Lion acquisition, TradeDepot was only active in Accra, Ghana’s capital city but is now set to accelerate its growth across the country by building on Green Lion’s existing infrastructure.
Commenting on the acquisition, Onyekachi Izukanne, CEO and co-founder of TradeDepot, said “Ghana represents a significant market for consumer goods in Africa and we are excited to bring the Green Lion team onboard to drive growth and prosperity for more retailers and distributors in the country. We look forward to deepening our relationship with the market and working with more partners to maximise the opportunities that abound in Ghana and beyond.”
Jorge de Rojas from Green Lion said, “We are delighted to be joining the TradeDepot family and continuing our work to help neighbourhood retailers across Africa thrive. It is an exciting time for B2B eCommerce in Africa and we are thrilled by the opportunity to drive more value in the Ghanaian ecosystem and all over the continent.”
Read more: IFC, Novastar and Arcadia Funds star in $110m TradeDepot funding round
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