Afrobility: Africa Tech and Business

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

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Overview: Today, we discuss Konga, the Nigerian e-commerce company. We’ll explore the Konga story across 5 areas:

  1. We'll give some context about the Nigerian e-commerce sector
  2. Konga's early history
  3. Product & Monetization strategy
  4. Konga sale
  5. Overall outlook

    6. 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 [email protected]
      • Founders looking for funding: If you're a B2B founder working on Education, Health, Finance or food, please contact me for funding at [email protected]


        • 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 [email protected], we’d love to partner or get your feedback.

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          Afrobility: Africa Tech and BusinessBy Olumide Ogunsanwo and Bankole Makanju
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