Author: Staff Writer

Naspers-backed car subscription company Planet42 has raised $100 million or R1.8 billion in combined equity and debt funding. The $15 million or R275 millionequity round was co-led by Naspers and ARS Holdings, with participation from existing and new shareholders, including Rivonia Road Capital, who also provided a $75 million  or R1.3 billion credit facility. Private investors contributed a further $10 million or R183 million in debt financing. The funds will enable Planet42 to rapidly scale its business and meet its ambition of providing 1 million cars worldwide. The car subscription startup addressing transport inequality by putting cars in the hands…

Shoprite is the first South African retailer to introduce an exclusive private label product range primarily sourced from local small, medium and micro enterprises (SMMEs). The Homegrown label creates opportunities for emerging enterprises to thrive in the retail space. With access to market via Shoprite’s 534 supermarkets nationwide, it enables SMMEs to get their products onto shelves, increase turnover, and impact their local community by creating more jobs. This comes only months after the launch of Shoprite Next Capital, a business division dedicated to giving small suppliers access to its consumer market. ‘Homegrown’ speaks to the products within the new…

MTN SA has announced the appointment of Rami Farah to the position of Executive for Network and Nomthi Nelwamondo as Executive for Information Technology (IT). Farah joined MTN SA on 01 January 2023 from MTN Iran while Nelwamondo’s appointment is effective from 01 May 2023. The appointments are a deliberate move from MTN to ensure its ongoing evolution from telco to techco as the company works towards delivering its Ambition 2025 strategy. The Executive for Network role is a new role within MTN’s technology business and will support MTN in delivering its next-generation network aspirations. “We have faced some of…

inDrive, a global platform for mobility and urban services that has recently expanded its footprint in Africa to seven countries, has announced that it has raised $150 million or R2.7 billion from General Catalyst in an innovative hybrid instrument to fund marketing spend. This includes user acquisition and retention costs.   inDrive will benefit from increased financial flexibility thanks to this new funding, which will also help the business to continue its rapid expansion. Earlier, in the year 2021, General Catalyst took part in inDrive’s $150 million Series C investment round, which was headed by Insight Partners. Arsen Tomsky, inDrive founder…

Balwin Properties will list its shares for trade on A2X Markets from 28 February 2023. Balwin will be the first specialist residential property developer and the 10th company from the property sector to list on A2X, joining Attacq, Equites Property Fund, Fairvest, Growthpoint Properties, Hyprop, MAS, NEPI Rockcastle, SA Corporate Real Estate and Stor-Age. A2X is a licensed stock exchange authorised to provide a secondary listing venue for companies. It is regulated by the South African Financial Sector Conduct Authority and the Prudential Authority of the South African Reserve Bank in terms of the Financial Markets Act 19 of 2012.…

Kholo Capital Mezzanine Debt Fund I (Kholo Capital), has secured R870 million in commitments for long-term mezzanine debt investment in support of growth, job creation and advancement of transformation within mid-market companies with operations in Southern Africa (South Africa, Botswana, Namibia, Lesotho and eSwatini). These first close commitments have been secured from leading institutional investors including the 27four Black Business Growth Fund, RisCura (on behalf of various clients), the Mineworkers Provident Fund, the National Fund for Municipal Workers and Thuso Partners, and represent a significant milestone in the mezzanine debt fund’s ambitions to reach a target final close of R1,5…

Electric mobility has been the centre of attention globally for a couple of years. The spotlights have often been turned to Tesla, which is revolutionising the automobile industry. But Africa also holds amazing potential when it comes to electric mobility (often simplified by the term “e-mobility”), especially when it comes to electric motorbikes. Indeed, mobility in Africa relies in a big part on 2-wheelers “moto taxis”. Africa hosts an estimated 27 million motorbikes, out of which 80% is estimated to be used for commercial taxi service. And all these motos have the potential to soon be riding on electricity! REM,…

MTN GlobalConnect today announced the appointment of  two Managing Director for its operations in Nigeria and Uganda. Juliet Nsubuga will take the lead as Managing Director, of MTN GlobalConnect Uganda, effective 1 April 2023, and Josephine Sarouk will assume the role of Managing Director, MTN GlobalConnect Nigeria, effective 1 March 2023. “I look forward to working closely with our newly appointed business leaders as we continue to build our business in Africa,” shares Frédéric Schepens, MTN GlobalConnect CEO. “We welcome Juliet and Josephine into the MTN GlobalConnect family and look forward to learning from their knowledge and rich experience in…

The Pretoria-based electronics company Etion Create, recently made part of South Africa’s Reunert, has just revealed its new brand identity at the IDEX 2023 exhibition in the United Arab Emirates. It is proudly showing on Stand 08-A29 at IDEX. Etion Create is now a division within the large South African industrial company’s Reunert Applied Electronics Holdings. “It was felt that the name Etion Create is well-known and firmly established in the Middle East, an important market for our defence solutions,” said Tobie van Loggerenberg, executive manager business development. “At the same time, a new identity coupled with a fresh look…

South African business outsourcing company Sigma Connected has announced it has already created hundreds of new jobs as part of its pledge to create 1,000 roles across the country by 2025. The company, which offers customer contact services to the South African financial services, education, telecommunications, insurance, hospitality, and retail sectors, has already created and filled 500 new vacancies over the past six months at its offices in Cape Town, Johannesburg and Pretoria. Over 100 of the new roles have been created through Impact Sourcing, which provides employment opportunities for high potential but disadvantaged people across several communities. David Neale,…