Renda Raises $1.9 Million for Nigeria, Kenya Expansion

  Renda, a Nigerian logistics firm with clients such as Jumia and MarketForce, has clinched $1.9 million in pre-seed funding, comprising a blend of $600,000 in debt and $1.3 million in equity. This financial injection is poised to catapult Renda’s already thriving operations from its current stronghold in 15 Nigerian cities into the promising markets of Kenya and additional Nigerian urban centres. The funding coup adds another feather to the cap of Africa’s logistics sector, which has witnessed a staggering $151 million influx in Q1 of 2024, as per Techcabal Insights.

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Leading the charge in this funding round is Ingressive Capital, accompanied by a star-studded consortium including Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, SeedFi, and Vastly Valuable Ventures. The burgeoning demand for streamlined last-mile delivery and warehousing solutions among e-commerce behemoths has bestowed newfound prominence upon ventures like Renda, offering an all-encompassing suite of services spanning warehousing, delivery, and cash collection. Despite its asset-light modus operandi, Renda has deftly orchestrated a network of over 5,000 partners to fulfil orders, thus ensuring scalability sans direct ownership of warehouses or vehicular fleets.

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CEO Ope Onaboye has unabashedly attested to Renda’s profitability, citing lucrative revenue streams stemming from enduring contracts with corporate entities. Noteworthy names on Renda’s client roster include Jumia, Omnibiz, LaCasera, MarketForce, and CDcare, with the company boasting an impressive track record of processing a quarter-million orders since its inception in 2021. Originally catering to the needs of small and medium-scale enterprises (SMEs), Renda swiftly pivoted its focus towards servicing the fast-moving consumer goods (FMCG) and e-commerce spheres, lured by the promise of fatter profit margins. Through its cutting-edge Renda360 app, the company provides a comprehensive suite of tools enabling businesses to meticulously manage their inventory, seamlessly process orders, orchestrate deliveries and returns, and effortlessly handle cash-on-delivery transactions in real time. Maya Horgan Famodu, Founder and Partner at Ingressive Capital, lauded Renda’s technological prowess, hailing it as a game-changer in addressing the pressing exigencies within Africa’s manufacturing and e-commerce ecosystems.

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Gazing into the horizon, Renda harbours grand ambitions of spreading its wings into the Kenyan market while contemplating the prospect of transitioning towards a more asset-heavy operational model. CEO Onaboye articulated Renda’s overarching vision of emerging as the undisputed leader in the realm of fulfilment services for e-commerce titans and major enterprises across the African continent, underscoring the company’s unwavering dedication to catalyzing growth and fostering innovation within Africa’s logistics landscape.

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This article was first published on 2nd May 2024

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