Konga Yet To Make Profit Since We Took Over In 2018, Says Co-CEO

Nigeria’s e-commerce company, Konga, is yet to post a profit after three and half years of acquisition, the firm’s Co- Chief Executive Officer, Nick Imudia, has revealed.

The Co- CEO revealed the development during a monitored Channels TV programme on Wednesday.

Konga is an indigenous group of companies made up of KongaPay, yet to be launched Konga Health, Konga Express, Konga Marketplace and Konga Self-Fulfill Model.

A year after Konga was founded in 2012, the Nigerian e-commerce company raised a $10m Series A round from Investment AB Kinnevik and Naspers.

Two months after laying-off over half of its staff, 99 per cent of Konga shares were acquired by Zinox Group in February 2018.

He said since acquisition of Konga by Zinox, his team has focused on turning the company around to become profitable in near future.

“This was a company that was losing hundreds of millions monthly and we have been able to sort of redesign the core structure to make it a breakeven company heading towards profitability,” Imudia said.

In 2019, the company declared 800 per cent turnover. The company had said by 2021 it would make profit.

But by the end of the first quarter of 2021, the CEO said the company is yet to be profitable.

The Co- CEO said the company has been redesigned to make it an ethically sound company.

According to him, Konga corporate governance has been elevated to international standard.

“We want to grow the network, we want to be everywhere. We want to partner more,” he added.

As part of its health programme, he said Konga Health will work with donors across the globe to bring products into the country.

“We believe that within the next couple of years, we will create thousands and thousands of jobs using this network,” he disclosed.