Decline in Profit for Airtel Africa at Daily's website
In a significant move for the tech and energy sector, M-KOPA, a leading pay-as-you-go solar provider in East Africa, has raised $250 million in 2023. This funding has propelled M-KOPA to expand its business and innovate across several sectors, including solar energy, financial inclusion, and electric mobility.
M-KOPA's Growth and Investments
The latest round of funding for M-KOPA was led by Japanese-based trading house Sumitomo Corporation. Other investors included the Standard Bank Group, which facilitated the debt financing round, and a host of other notable entities such as Blue Haven Initiative, Lightrock, Broadscale Group, Latitude, IFC, Lion's Head Global Partners, FMO, British International Investment, Mirova SunFunder, and Nithio.
M-KOPA's primary business is helping customers purchase products like smartphones, solar power systems, loans, and health insurance. With the new funds, the company aims to extend its power solutions to over one million additional homes within the next five years, serving around three million people currently.
M-KOPA's Expanding Offerings and Local Manufacturing
Beyond solar power, M-KOPA has broadened its offerings to include smartphone financing through its Smart Money Platform. This platform has connected 1.7 million first-time mobile internet users and enabled 62% of its customers to generate income.
M-KOPA has also invested heavily in a Nairobi-based assembly plant, producing over 1.5 million devices and creating 400 jobs. The company plans to expand its workforce by 25%, demonstrating a commitment to local manufacturing and job creation.
Diversification and Challenges
In addition to solar and smartphones, M-KOPA is financing electric motorbikes, with over 1,500 financed in Kenya so far. This move signals a diversification into clean mobility solutions.
However, M-KOPA faces a lawsuit alleging racial disparity in employee equity, claiming that shareholding favors expatriates and global investors over Kenyan staff. The company disputes these claims, but the lawsuit, if it proceeds, could impact M-KOPA’s corporate governance and employee equity practices.
Figorr's Leap into the Market
Meanwhile, Figorr, a tech startup that rebranded from Gricd, secured $1.5 million in seed funding on May 15, 2023. The seed funding round was led by Atlantica Ventures. Figorr offers internet of things-powered solutions for businesses, particularly in the healthcare and agriculture sectors. The company has recently expanded into the Kenyan market and plans to unveil a risk management platform by the end of 2023.
Figorr's solutions are presently being utilized in Ethiopia, Ghana, Kenya, South Africa, Tanzania, Uganda, and Nigeria. The company has also received grants amounting to $275,000 from various entities, including the Google Black Founders Fund and Africa Business Heroes by Jack Ma Foundation.
Airtel Africa's Financial Performance
Airtel Africa, a telecommunications company operating in several African countries, has reported a decline in profit after tax (PAT) during the first quarter of 2023. The company attributes this decline to the devaluation of currencies in the countries they operate in.
- M-KOPA Raises $250 Million in Funding to Expand Solar Energy and Financial Inclusion in Africa
- M-KOPA Expands Offerings Beyond Solar Power
- M-KOPA Faces Lawsuit Over Employee Equity
- M-KOPA Disputes Claims in Employee Equity Lawsuit
- M-KOPA's Expansion and Sustainability Initiatives
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- The New Funds for M-KOPA Will Enable Them to Serve Three Million People and Expand Solar Power Solutions
- M-KOPA is Also Investing in Local Manufacturing, Creating Around 400 Jobs in Nairobi
- Beyond Solar, M-KOPA is Financing Electric Motorbikes and Smartphone Financing through its Smart Money Platform
- Figorr, a Tech Startup Rebranded from Gricd, Secures $1.5 Million in Seed Funding for IoT Solutions in Agriculture and Healthcare
- Airtel Africa Reports a Decline in Profit After Tax Due to Currency Devaluation in Operating Countries
- M-KOPA's New Investment Allows Them to Innovate Across Multiple Sectors, Including Electrification, Fintech, and Payments
- Figorr's Solutions are Already Operational in Several African Countries and They Plan to Unveil a Risk Management Platform by the End of 2023
- The $250 Million Raised by M-KOPA in 2023 has been Led by Sumitomo Corporation and Facilitated by the Standard Bank Group
- M-KOPA has a Presence in Several African Countries Beyond Kenya, With over One Million Solar Power Systems Installed Across the Continent
- Investing in Businesses that Focus on Personal-Finance Solutions, Logistics, and Crypto is Becoming Increasingly Popular as the Tech Sector Evolves
- The $1.5 Million Secured by Figorr is Being Used to Enter the Kenyan Market and Expand Into Other Sectors
- As M-KOPA Expands, They Remain Committed to Financial Inclusion and Helping Customers Purchase Essential Items on a Payment Plan
- Some Investors in M-KOPA's Recent Funding Round include the International Finance Corporation (IFC), Mirova SunFunder, and Nithio, which Offer Expertise in Clean Energy and Fintech
- The Rapidly Evolving fintech, Energy, and Payment Industries are Becoming More Interconnected as Companies like M-KOPA and Figorr Blur the Lines Between Sectors
- As M-KOPA Grows, They also Plan to Focus on Blockchain Technologies to Improve Transparency and Security in their Business Operations
