TradeDepot, a Nigerian B2B eCommerce platform that connects micro-retailers with distributors and manufacturers of fast moving consumer goods (FMCGs), has acquired Green Lion, a Ghanaian competitor, for an undisclosed sum.
TradeDepot will take over all of Green Lion’s assets, relationships in Ghana, and employees as part of the acquisition.
Green Lion, co-founded in 2018 by Jorge de Rojas, Enrique Moreno de la Cova, and Miguel de Rojas, had developed fintech solutions to enable traders access to financing, including Wysr, a digital ledger used by retailers for stock monitoring and bookkeeping.
Green Lion has completed 29,854 transactions with 4,404 customers to date, making it one of the largest B2B e-commerce platforms in Ghana, where the retail sector is valued at $24.4 billion and expected to grow to $33.16 billion by 2024.
Prior to its acquisition by Green Lion, TradeDepot was only active in Accra, Ghana’s capital city, but it is now poised to expand across the country by leveraging Green Lion’s existing infrastructure.
Onyekachi Izukanne, CEO and co-founder of TradeDepot, commented on the acquisition, saying, “Ghana represents a significant market for consumer goods in Africa, and we are excited to bring the Green Lion team onboard to drive growth and prosperity for more retailers and distributors in the country.” We look forward to deepening our market relationship and collaborating with more partners to capitalize on the opportunities that exist in Ghana and beyond.”
“We are delighted to be joining the TradeDepot family and continuing our work to help neighborhood retailers across Africa thrive,” said Jorge de Rojas of Green Lion. It’s an exciting time for B2B eCommerce in Africa, and we’re excited about the opportunity to add more value to the Ghanaian ecosystem and the continent as a whole.”