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.<\/p>\n
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.<\/p>\n
The company in question was speculated to be New York-based investment firm, Tiger Global Management, which is headed by Chase Coleman.<\/p>\n
Tiger Global Management is already a large player in the SA e-commerce space, which includes a minority stake in Yuppiechef.<\/p>\n
Through Tiger Global Management’s venture capital fund’s, the firm owns shares in South Africa\u2019s largest online auction website, BidorBuy, which in-turn owns 100% of Ubuntu Deal and has a minority stake in PayFast.<\/p>\n
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.<\/p>\n
The New York investment firm further owns a majority stake in Takealot.<\/p>\n
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.<\/p>\n
Yuppiechef offers and sells over 4000 products from 100 brands with free delivery to anywhere in South Africa.<\/p>\n
The company was named the best e-commerce website in South Africa by e-commerce tech company, uAfrica.com for 2010, 2011 and 2012.<\/p>\n
Paul Galatis, marketing director for Yuppiechef told BusinessTech outright that the business has not been sold.<\/p>\n
“Yuppiechef has not been sold, not to any company, for any amount,” Galatis said.<\/p>\n
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