Alan Knott-Craig Jnr said his latest venture HeroTel, where he serves as the executive chairman, is going well and they are making a lot of money.
HeroTel was founded in 2014 with the aim of providing fast, reliable wireless broadband at affordable rates to households and small businesses.
As part of its strategy, HeroTel is consolidating the Wireless Internet Service Provider (WISP) industry to provide a single national wireless broadband service.
HeroTel received a R74-million cash injection in February, after private equity firm Medu Capital bought a 15% stake in the company.
This investment will be used for acquisitions to fulfill the company’s growth strategy, said Knott-Craig.
Speaking to BizNews editor Alec Hogg, Knott-Craig said HeroTel is making a lot of money, which is laudable in today’s tough economic environment.
“Profit is sanity. Cash flow is reality, and my cash flow situation is quite nice,” said Knott-Craig.
“We’ve got a lot of businesses in the small towns and the dorpies around the country. Wireless broadband is booming. There’s an infinite demand supply.”
He added that “as families are growing, everyone needs more Internet and I think we’re on a good path there”.
“Hopefully, my partners and I can execute in the next two years and then I think we’ve got the potential for changing telecoms in South Africa,” said Knott-Craig .