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Naspers has invested R960-million in Takealot, the online retailer announced today.
It’s not the first time Naspers has conducted a major deal with the online retailer either, having merged its Kalahari online store with Takealot back in 2015. The deal saw Naspers gain a 46.5% interest in the combined retail powerhouse.
In a joint statement on the latest deal, the duo wrote that SA’s online retail sector still accounts for “less than 2% of the non-grocery retail market and less than 1% of the total retail market”. It added that, as a result, there was a lot of potential for the sector.
“We are super excited about this latest investment as it will allow us to continue to grow the business in a market with huge potential. Naspers has been a wonderful supporter of our business and we are grateful for their ongoing commitment and show of confidence in both the business and the market. This is great news for our customers and employees alike,” said Takealot founder and CEO Kim Reid.
Naspers has decided to invest almost R1-billion in Takealot, making it the majority shareholder
“The team continues to drive exciting growth and shows great promise in a market we expect to go from strength to strength. We are pleased to support their ambitions to build an enduring eCommerce business for South African consumers and Takealot’s partners alike,” said Oliver Rippel, CEO of B2C Ecommerce at Naspers.
The two companies also confirmed that the deal would make Naspers the majority shareholder in the online retailer.
“Takealot has filed a large merger notification with the South African Competition Commission in anticipation of finalising the investment from Naspers, which would make Naspers the majority shareholder in Takealot,” the two wrote.