Takealot has raised just over R1 billion ($100 million) from its major shareholder, Tiger Global Management, which will partly be used to give South Africans a better online shopping experience.
Takealot CEO Kim Reid told MyBroadband that the online retailer has gained substantial momentum in South Africa, and there is more to come.
It is no secret that Takealot wants to dominate online shopping in South Africa, and continue to take market share from Kalahari and other players. This money will help it to achieve this.
“The money will be used to capitalise the business, grow warehousing, tech, human capital and our logistics infrastructure to maintain and increase this momentum,” said Reid.
“We remain obsessed about our customers and believe that the more we invest, the better we will become at servicing our customers, resulting in continued aggressive growth.”
He added that some of the money raised will be used to expand the business into Sub-Saharan Africa.
“We have big plans but plans are nothing without execution, you will just have to wait and see,” Reid concluded.