KudiGo started operations in November 2018, providing an integrated, mobile-based retail, payments, accounting and analytics engine for the consumer retail industry in Ghana and now seeks to provide such services in Nigeria too. Over 1,000 businesses have received payments, track inventories and build sound financial models based on past trends with the help of Kudi Go.
The startup has grown its user base substantially from 800 stores in March to over 4,000, with average orders processed ranging over 20,00 having US$ 2.4 million in transaction value.
According to Kingsley Abrokwah, the Chief enabler at KudiGo , to expand its customer base there will be a need to open up new markets, hence the move to open an office in Nigeria.
“We are working with an FMCG company in East Africa to deploy our storefront solution to 10,000 merchants in Q1 2020,” Abrokwah said.
The startup is also launching a second product for suppliers and distributors, named RapidGate.
“It’s a web and mobile based distribution management system designed for consumer retail distributors, aimed that connecting them with their retailers and enabling value chain accessibility,” said Abrokwah.
KudiGO is currently in the process of closing a bridge pre-Series A round worth US$500,000 to finance this growth, which will reach a conclusion in the first three months of 2020.
By developing solutions that improve the way retail services are provided, the startup hopes to empower its fair share of 1.2 billion consumers of retail products on the continent.
KudiGO has done very well for itsself, having raised money from two major investment partners: Founders Factory Africa and Hawthorne Capital. After a funding round in April 2019 which closed at US$450,000, the startup shared its plans to launch new products and expand its customer base across Africa.
However, KudiGo considers its expansion into Nigeria to be favorable, since Nigeria is home to a huge number of small businesses and retail stores whose owners would find the startup’s smart solutions and inputs to retail operations very useful.