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Konga’s monthly loss reduced from N400m to N100m in 2 years – CEO

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Konga
Konga (offline) retail store

Konga.com’s books indicated a N400m monthly loss, but with new systems, structure and energy put in place, the numbers have gradually been reducing, the CEO, Prince Nnamdi Ekeh, has disclosed.

Prince Nnamdi who spoke while appearing on Kaleidoscope, an interview programme aired on Channels TV, he said that eCommerce is an expensive project but we are best positioned to deliver as a very innovative technology company,’’ he disclosed.

He also disclosed that Konga has invested well over $120m since it was acquired two years ago in Nigeria alone and now strategically structured to take on other African countries.

In his words; ‘‘Though we started with a monthly loss of N400m, but with new systems, structure and energy put in place, we have gradually been reducing losses and now about N100m loss per month. E-Commerce is an expensive project but we are best positioned to deliver as a very innovative technology company,’’ he disclosed.

Equally important, Prince Ekeh made the disclosure on Kaleidoscope, an interview programme aired on Channels TV on Sunday, August 2nd, 2020.

The young business leader, who described Konga as a technology company revealed that Konga employs directly and indirectly over 150,000 Nigerians. Most of them are merchants, logistics and other service providers.

‘‘We partner to create a trusted and sustainable digitally-driven ecosystem and working hard to scale this to about 250,000 before the end of 2020.

‘‘We see ourselves as more than just an e-Commerce company. Konga is a technology company and as a technology company, we are positioned to leverage that status in deploying new solutions and innovations. Indeed, no one should be surprised if tomorrow, Konga starts launching space ships into orbit. Although we have received several offers from interested investors, we are content with the group that is currently funding Konga. The group is highly ethical and want us to maintain the highest level of integrity. Our investors have assured us of enough capital to survive the next five years at least. This was why we did not accommodate a valuation of $300m from a consortium of global investors last year. 

‘‘However, we are also keen to expand into other African markets after taking charge of the Nigerian market. The e-Commerce market in African is still a largely untapped one. Therefore, any company that makes the right in-roads will reap huge benefits from it,’’ he said.