Nigerian Logistics startup, Renda, has secured $1.9 million in pre-seed equity and debt funding.
According to a statement by the company, the fund consists of $1.3M equity investments and $660.000M debt funding investment.
The equity investment was led by Ingressive Capital, with participation from Techstars Toronto, Founders Factory Africa, Magic Fund, Golden Palm Investments, Reflect Ventures, and Vastly Valuable Ventures.
Founders Factory Africa and SeedFi provided the debt funding investment.
About Renda
Ope Onaboye, a third-time founder, and Bimbo Onaboye, an experienced automobile product manager, co-founded Renda in 2021.
Renda is a technology solution that aggregates and provides access to the end-to-end infrastructure for optimizing order fulfillment.
This enables businesses to scale seamlessly and efficiently across Africa.
Renda is particularly focused on e-commerce businesses, FMCG manufacturers, and agricultural companies
The startup provides ;
- end-to-end live tracking,
- data analytics & reporting,
- API Integration,
- eCommerce Integration,
- multiple payment options,
- an AI-powered chatbot, and many more.
via its Renda360 solution platform .
Thanks to platform, businesses can;
- access flexible storage,
- monitor and manage their inventory,
- process and fulfill orders,
- manage deliveries and returns, and
- receive and reconcile cash on delivery in real-time.
Renda has built a large and robust partnership network including over 300 warehousing partners, more than 3000 delivery partners and over 2000 cash collection partners.
Since its launch, the startup has empowered over 500 businesses across 15 states in Nigeria and recorded up to 450% year-on-year growth
It has processed over 250,000 orders, and has enabled major e-commerce, manufacturing, and FMCG businesses to reach 100,000+ customers.
Moving Forward
Commenting on the funding and its anticipated impact on Renda’s progress, CEO and Co-Founder of Renda, Ope Onaboye, highlighted the company’s vision. She said
“Our vision at Renda is to become the largest and most trusted fulfillment partner for e-commerce and major businesses across Africa.”
In line with this vision, the startup expanded to Kenya in 2023 to strengthen its footprint in Africa
The expansion and onward movement continues for Renda with its new funding.
The company said it will utilize the pre-seed funding to technologically enhance its offerings.
It plans to expand to more cities in Nigeria and East Africa and also grow partnership networks across all active markets.
“I’m excited to see how we harness the power of technology to simplify and optimize order fulfillment and retail distribution for thousands of businesses across the continent.” The CEO added.
