MXit is one of the most successful tech startups in South Africa, and since its humble beginning in 2003 the platform has grown to become Africa’s largest mobile social network with 50 million registered members, and 750 million messages sent daily.
Knott-Craig said that through natural growth they should sign up 12 million new members in 2012 and increase their active user base by 3 million, but they would like to do more. The same goes for the number of messages sent using MXit.
“We are currently averaging 750 million messages a day on an active base of 12.5 million. Message growth should increase in proportion to user growth,” said Knott-Craig.
Knott-Craig is also transparent about their financial plans, saying “Our consolidated revenue in 2011 was just over R100 million. The consolidated bottom line was a loss.”
The new MXit CEO is however planning to significantly boost revenues and show a profit. “We expect to triple revenue and turn the loss into a profit. The new financial year starts 1 April, that’s the point from which we start counting,” said Knott-Craig.
To make all of this possible MXit is planning to provide users with an improved experience, especially for iPhone and Android owners.
The company is also planning to support payments from within Mxit, and improve the content on the platform.