Tech

SA’s asset management firm Rohatyn Group sells beverage firm to Indian company

Published

8 months ago

April 13, 2024

South Africa-based asset management company, Rohatyn Group, has announced the sale of its beverage manufacturing and distribution firm, Beverage Company Proprietary Limited (BevCo), to India-based Varun Beverages Ltd (VBL), the makers of popular fizzy drink, PepsiCo.

BevCo, which was established in 2018 through the acquisition and merger of Little Green Beverages and SoftBev, has consolidated its position as the largest independently owned beverage producer and distributor in South Africa.

BevCo, with a wide portfolio of its own brands and energy drinks as well as franchise rights from PepsiCo in South Africa, Lesotho, and Eswatini, and distribution rights for Namibia and Botswana,
operates five manufacturing facilities across South Africa with an installed capacity of 3,600 bottles per minute.

BevCo CEO, Peter Spies, who announced the deal, said in a statement:

“Management and shareholders had a clear long-term aspiration for the business and remained focused on accelerating the execution of new revenue streams and building scale, while retaining alignment with key stakeholders.

“The sale of BevCo to Varun Beverages has proven that scaled South African businesses have the potential to attract global trade players to the continent.”

Also reacting to the deal, Glynn Potgieter, Managing Director at TRG, and board member of BevCo, said:

“The macro conditions in our markets continue to pose challenges to sale processes.

“We believe successful realization strategies require years of strategic planning and building businesses that have unique, identifiable, and realizable value to a known universe of acquirers.

“We are convinced that successful exit processes in these challenging markets require skilled negotiation, resilience, tenacity, and, above all, a collaborative mindset.

“Since 2018, the number of total employees at the company has increased nearly four times, and the company reached gross sales of approximately 63 million cases per year.

“The product offering also expanded, adding the manufacturing and distribution of PepsiCo brands in the region.

“The company has achieved growth through innovation in its products and services, regional expansion, and a focus on sustainable business practices.”

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Tech

Tanzanian fintech startup Tunzaa announces capital raise for expansion

Published

7 hours ago

December 4, 2024

Isaac Dachen

Tanzanian fintech startup, Tunzaa, has announced raising fresh funds to enable it carry out its expansion plans.

The fintech, which has developed an innovative payments API enabling e-commerce transactions to be processed in installments, said in a statement that it secured the funding from Warioba Ventures.

A statement by Warioba Ventures said:

“This investment underscores our commitment to fostering solutions that address the unique challenges of African markets while creating a ripple effect of financial empowerment and economic growth.

“We believe Tunzaa is poised to redefine how payments and savings are integrated into the e-commerce experience, setting a new standard for financial inclusion and innovation.”

Tunzaa offers flexible installment that empowers consumers to access products more conveniently while promoting financial inclusion and economic empowerment.

The platform inspires a culture of savings by enabling consumers to save towards specific goals through gamified incentives.

Tech

Egyptian freight-fowarding startup Nowlun raises $1.7m in seed funding

Published

2 days ago

December 3, 2024

Isaac Dachen

Egyptian digital freight forwarding platform, Nowlun, has announced raising $1.7 million in seed funding, which is a significant milestone for the Middle East and North Africa (MENA) logistics sector.

The seed funding round, according to Nowlun’s CEO, Moataz Khamis, was led by Nama Ventures and A15, with participation from Sanabil 500 Global and prominent angel investors.

In a statement announcing the funding, Khamis said the investment will fuel Nowlun’s ambitious expansion plans and accelerate the development of its innovative technology platform, which is transforming the logistics industry by offering instant, transparent, and competitive ocean freight rates, streamlined shipment management, and real-time visibility into cargo movements.

Founded in 2021 by Khamis, Mahmoud Khaled, and Ahmed Emara, Nowlun has rapidly established itself as a key player in the MENA logistics market, integrating all major shipping lines, providing businesses with unparalleled access to real-time pricing and enabling them to make faster, more informed decisions.

“Nowlun’s advanced shipment management system offers a comprehensive control tower, allowing users to track their cargo in real-time, receive instant notifications, and proactively manage any issues,” Khamis said.

“Throughout my decade in logistics, I’ve witnessed the daily inefficiencies shippers face.

“Driven by a sense of responsibility, my team and I are committed to transforming the industry using cutting-edge technology. This funding will empower us to further simplify the shipping process and make shippers’ lives easier,” he added.