Online kitchen store, Yuppiechef.co.za has dismissed rumours that the online retailer is in the process of being acquired by a large Internet player.
Industry sources had told BusinessTech that Yuppiechef, an online retailer specialising in kitchenware and culinary equipment and tools, is in the process of selling the company.
The company in question was speculated to be New York-based investment firm, Tiger Global Management, which is headed by Chase Coleman.
Tiger Global Management is already a large player in the SA e-commerce space, which includes a minority stake in Yuppiechef.
Through Tiger Global Management’s venture capital fund’s, the firm owns shares in South Africa’s largest online auction website, BidorBuy, which in-turn owns 100% of Ubuntu Deal and has a minority stake in PayFast.
Tiger Global further owns a majority shareholding in Private Property, which in-turn has minority stakes in Safari Now and a number of motoring, property and employment businesses in East and West Africa.
The New York investment firm further owns a majority stake in Takealot.
Founded in 2006, Yuppiechef has built a strong reputation in the South African e-commerce space with its level of service which takes a personal approach to dealing with customers.
Yuppiechef offers and sells over 4000 products from 100 brands with free delivery to anywhere in South Africa.
The company was named the best e-commerce website in South Africa by e-commerce tech company, uAfrica.com for 2010, 2011 and 2012.
Paul Galatis, marketing director for Yuppiechef told BusinessTech outright that the business has not been sold.
“Yuppiechef has not been sold, not to any company, for any amount,” Galatis said.