Jiji, an online classified marketplace, has acquired OLX in Nigeria, Ghana, Kenya, Tanzania, and Uganda
Under the agreement, the OLX users in Nigeria would be redirected to Jiji in a transaction supported by one of Jiji’s principal investors, Digital Spring Ventures.
The deal enables OLX users in these countries to benefit from Jiji’s products and services.
Jiji is Nigeria’s e-commerce app with more than six million unique active users and 50,000 professional sellers listing over one million items in a rapidly growing 200mn people market. The potential for early movers in this market is considerable given that 90 per cent of traffic is on the mobile web and is rapidly shifting to apps at a time when internet penetration is high and growing.
Combined with Jiji’s own proprietary search and delivery algorithms, OLX’s reach will create a more streamlined consumer experience.
Anton Volyansky, CEO and co-founder of Jiji, said, “Jiji aims to provide its customers with the safest, most secure and enjoyable online shopping experience possible.”
Vladimir Mnogoletniy, board director and co-founder of Jiji, added, “This partnership is pivotal to Jiji’s future business model and success, as it paves the way for building the continent’s largest Africa-based classified business serving a market with a combined population of over 300mn in some of the world’s fastest-growing economies. In the next two-three years, we aim to be one of the top 10 classifieds businesses in the world by traffic.
Sjoerd Nikkelen, general manager of OLX in Africa, Middle East and Asia, stated, “With our focus on accelerating the growth of other markets, now is an opportune time to sell our interests in these markets. We are pleased that Jiji will continue to provide the exceptional quality of products and services that the customers in these countries have come to know and enjoy from OLX.
Zhanibek Sydykov, a partner at Digital Spring Ventures, commented, “This transaction further advances the consumer reach of one of the star portfolio companies in our current fund, which is focused on partnering with ambitious entrepreneurs to deploy capital in the internet and technology sectors in some of the world’s most exciting emerging markets.
