Venture Hunt was hinted last month about an acquisition talk between Konga and Yudala, it has now been confirmed that it has finally closed and Konga’s journey as an independent company just came to an end.
Zinox group is being reported as the acquirer. Zinox being the parent company of Yudala acquired the company for $10m – $15m (according to our source close to the negotiation) and the two companies will be integration with potential to expand across Africa.
Yudala model is different, it combines offline with online commerce giving customers a complete experience. We see this as a strength and could help it better execute e-commerce strategies more than Konga could (given its burn rate).
The acquisition includes; Konga.com, Kongapay, and KOS-Express. This is a total package. The acquisition will also see the company recall some fired staff in a bind to revisit some products and build more capacity as it starts a new journey.