Why We Acquired Ghana’s Ride-Hailing Company, Stabus–Plentywaka

Nigeria’s mobility startup, Plentywaka announced that it raised about $1.2m seed round that has assisted in sealing a deal to acquire Stabus, a ride-hailing company based in Ghana.

The Chief Executive Officer of Plentywake, Onyeka Akumah, revealed on Tuesday during an interview on Arise TV that the Nigerian mobility startup acquired the Accra based company to hedge against competition.

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Plentywaka had announced plans to move into other African countries with Ghana being one of its top targets.

But Stabus, which has completed over 100,000 trips within Accra using different vehicles, was a big threat, according to Lagos and Toronto-based Plentywaka.

Akumah said, “They launched in November 2019 pretty much about three months after us and for me I always keep track of competition of people that are doing stuff in similar spaces.

“But what happened with Stabus, Isidore (Kpotufe) who was the CEO of Stabus started keeping track of me and started getting some insight on what we are dealing with as it concerns challenges in Nigeria.

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“So we had the cordial relationship while we spoke for three or four  times within the two years about businesses to each other until April when along with my team we decided we are going to expand Plentywaka into other African countries starting with Ghana to pretty much dominate the West African region.

“What that has led is that Stabus is going to become Plentywaka Ghana and Isidore is going to become the country manager of Plentywaka along with his team supporting him.”

With the Covid-19 pandemic of 2020 hitting hard on the Ghanian economy, Stabus books were adversely affected by 2020 ending.

But, it however, leveraged on transporting employees of different companies that commute along the same routes with private buses for a fixed monthly fee.

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