Lipa Later's KES250 Million Acquisition of Sky.Garden Advances E-Commerce Ecosystem

Lipa Later's KES250 Million Acquisition of Sky.Garden Advances E-Commerce Ecosystem

By Staff Writer, 07 December 2023

Kenyan fintech startup Lipa Later has completed the acquisition of online retailer Sky.Garden for KES250 million (US$1.6 million), marking a strategic move to enhance its platform.

The acquisition is part of Lipa Later's goal to establish a comprehensive and integrated e-commerce ecosystem.

Launched in 2018, Lipa Later focuses on empowering African businesses through services like consumer credit, working capital, and e-commerce solutions, fostering financial inclusion and convenience for merchants on a centralized platform.

The startup recently acquired and relaunched Sky.Garden, a mobile commerce software-as-a-service (SaaS) platform tailored for African businesses.

After securing KES500 million (US$3.4 million) in private debt issuance in September, Lipa Later invested KES250 million (US$1.6 million) to buy out Sky.Garden, which had previously ceased operations due to financial constraints.

The revamped platform aims to go beyond traditional e-commerce, transforming into a comprehensive e-commerce ecosystem with new features.

Lipa Later plans to connect 100,000 merchants within the next year, signaling a strategic expansion of its offerings in the African market.

“The Sky.Garden ecosystem encompasses not only the convenience of online shopping but also the infrastructure for local businesses to thrive," said the company. "From seamless payment solutions to logistic support, marketing tools, and business insights. Entrepreneurs can build, grow, and expand their ventures within our ecosystem, while shoppers enjoy an unparalleled variety of products, services, and a shopping experience that continually evolves to meet their needs.”

Tom Jackson / Disrupt Africa

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