E-commerce and media group Naspers has invested R960m ($71.9m) in South Africa-based e-commerce platform Takealot, increasing its stake to 53.5% according to Forbes.
Takealot was formed by the acquisition of e-commerce company Take2 by hedge fund manager Tiger Global Management and entrepreneur Kim Reid in 2010. It operates as a diversified e-commerce service that sells a diverse range of consumer goods.
Tiger Global invested $100m in Takealot in 2014 before Naspers became a shareholder the following year when Takelot merged with one of its companies, Kalahari.com. Tiger Global retains a 34% stake in Takealot after the latest investment, Forbes stated.
Kim Reid, Takealot’s chief executive, said: “We are super excited about this latest investment as it will allow us to continue to grow the business in a market with huge potential.
“Naspers has been a wonderful supporter of our business and we are grateful for their ongoing commitment and show of confidence in both the business and the market. This is great news for our customers and employees alike.”