Nigerian B2B eCommerce platform, TradeDepot has acquired its Ghanian competition, Green Lion. This acquisition was made for an undisclosed amount.
TradeDepot intends to build its base in Accra where it is currently operational to other parts of Ghana leveraging on Green Lion’s logistics and relationships.
On the new acquisition, TradeDepot CEO and co-founder, Onyekachi Izukanne said, “Ghana represents a significant market for consumer goods in Africa and we are excited to bring the Green Lion team onboard to drive growth and prosperity for more retailers and distributors in the country.
We look forward to deepening our relationship with the market and working with more partners to maximize the opportunities that abound in Ghana and beyond.”
Established in 2016 by Onyekachi Izukanne, Michael Ukpong and Ruke Awaritefe, TradeDepot aims at becoming a leading B2B e-commerce startup in Africa. The startup recently raised $110M in a series B funding for regional expansion across Nigeria, Ghana and South Africa.
The startup enables factory-to-retail distribution for consumer goods companies. With its buy now pay later feature, TradeDepot enables retailers to pay in installments as well as bridge the gap between manufacturers and retailers. From the comfort of the room, orders can be placed and delivered at cheaper costs.
With Green Lion co-founded by Jorge de Rojas, Enrique Moreno de la Cova and Miguel de Rojas in 2018, the company has since handled 29,854 transactions from 4,404 customers.
Green Lion has developed financial solutions such as micro financing working capital requirements for retailers and wysr a digital ledger platform for book keeping and stock monitoring
TradeDepot however, kicked off in Nigeria as a distributor of milk and later expanded to the distribution of other fast moving consumer goods. The company claims to have more than 100,000 merchants in its service.
With its app TopShopUp, TradeDepot provides loans to retailers using their credit score and transaction history with the startup.
The app provides an e-wallet that can be funded from the retailers’ bank account. With funds in the e-wallet, TradeDepot takes orders from retailers for restocking of necessary goods.
The company buys large quantities of goods and stores it in its warehouse. From the warehouse, workers take inventory of goods, their prices and handle the logistics. It also handles shipping logistics from importers.
