New Investments

Nigerian Logistics Startup Renda Secures $1.9 Million Pre-Seed Funding

| Article

Renda, a Nigerian logistics startup tackling order fulfilment challenges, has secured $1.9 million in pre-seed funding.

The round was led by Ingressive Capital, a prominent African early-stage VC firm, with participation from several other investors. This injection of capital will fuel Renda’s expansion plans and service improvements.

Founded in 2021, Renda focuses on a critical gap in Africa’s logistics landscape – providing end-to-end fulfilment solutions.

While many startups address middle-mile and last-mile delivery, Renda offers a comprehensive suite of services including storage, inventory management, order processing, delivery management, return handling, and real-time cash-on-delivery tracking.

“The informal nature of many African economies presents logistical hurdles, especially for businesses struggling with infrastructure limitations,” said Ope Onaboye, CEO of Renda.

“Our asset-light model allows us to partner with existing warehousing, delivery providers, and cash collection agents to create a seamless fulfillment network.”

Renda leverages a network of over 300 warehousing and storage partners, 3,000 delivery vehicles (including trucks, vans, and bicycles), and 2,000 cash collection partners.

This extensive network has reportedly facilitated reaching over 100,000 customers across 15 Nigerian states and processing over 250,000 orders.

The company boasts a 450% year-on-year revenue growth, highlighting the strong market demand for its services.

Renda’s initial customer base focused on small businesses, but its reach has since expanded to encompass e-commerce platforms, FMCG producers, agricultural companies, and general manufacturers.

The company plans to utilize the new funding to enhance its offerings and expand into additional cities within Nigeria and Kenya, with a focus on Kenyan expansion later in 2024.

Related Articles

Register Now

Empower Africa Times Newsletter

Share :

“We are delighted to partner with ISA to support the development of solar energy in Africa,” said Alain Ebobissé, CEO of Africa50. “This partnership will help to accelerate the deployment of solar energy in Africa and improve the lives of millions of Africans,” he added.

You may also like...

© 2021 Empower Africa. All rights reserved.