TradeDepot, a Nigeria-based e-commerce startup has raised $10 million in its latest funding round. Partech, International Finance Corp, Women Entrepreneurs Finance Initiative and MSA Capital contributed the sum to fund its plans to venture into facilitating financial services for retailers.
TradeDepot plans to expand into a suite of financial services and offer credits to retailers. It will leverage existing trading relationships as a scoring factor to support customers that are not creditworthy.
This will be most beneficial for the women who account for over 75% of the retailers. With the support of We-Fi, its new investor, TradeDepot will also offer mentorship programs and link women-led retailer and distributor networks to global markets.
Launched in 2016, TradeDepot connects international producers of household supplies like milk, soap, and detergent to over 40,000 retailers in Africa. Unilever, Danone and GB Foods are some of the global brands that it connects to local distributors. Its business model is to leverage technology to make household items more accessible and affordable for local distributors and vendors.
TradeDepot customers place orders via its Android app, WhatsApp, USSD code or a toll-free mobile number. The retailers use the app to place orders, order stock, as well as manage online inventory. The goods are then delivered directly to retailers through a fleet of vans and tricycles. TradeDepot also has a central hub through which goods are directly distributed to vendors on its database.
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