Tech in Africa
In August, Massmart announced plans to acquire a controlling stake in OneCart PTY. The ongoing negotiations, now at an advanced stage, are part of its strategic intent to grow its e-commerce presence. Massmart will offer equity funding to OneCart in the form of unsecured convertible loans.
Mitch Slape, Massmart Group CEO, shared comments on a press release revealing that the proposed acquisition remains consistent with the company’s strategy to invest in and accelerate eCommerce growth. One key objective going forward is to grow and fully support OneCart’s current independent retailer marketplace model.
OneCart has recorded a 400% YoY growth since its inception. In 2020, Massmart’s online sales increased by 58.6% while the number of unique e-commerce customers grew by 73% including click-and-collect orders which will increase 69.5%. Ecommerce makes up 1.8% of the total sales that represents a significant increase over the previous year.
OneCart was launched in 2018 as a consumer goods marketplace and logistics platform where partners of leading retailers across South Africa will enable fast and flexible online sales and home delivery across the country.
Source: Massmart
