Takealot to raise over R1 billion in funding

Takealot has embarked on a new round of funding in which it is raising in excess of R1 billion. This is according to multiple industry sources.

While the purpose of the funding is not clear, there is some speculation that it may be used to build a large online marketplace.

In May 2014, Takealot announced it had raised $100 million from its major shareholder Tiger Global Management.

Later that year Takealot and Kalahari announced they were looking to merge – which was finalised in April 2015.

Takealot is by far the largest online shopping platform in South Africa – and has plans to expand into Africa.

Takealot was asked for comment regarding the new round of funding, but the company did not respond by the time of publication.

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Takealot to raise over R1 billion in funding