Ghanaian e-commerce startup Tendo has launched in Nigeria with backing from big name investors
Ghanaian e-commerce platform Tendo has launched in Nigeria after securing investments from leading accelerators such as Catalyst Fund, Google, and Y Combinator.
The startup, allows anyone to start an online business without upfront capital. Tendo connects small businesses and merchants to individuals who resell. This allows resellers to add their profit margin through the platform, share on social media platforms like WhatsApp, and make earnings when a purchase is made.
The startup was co-founded by Derrick Mungai, Evans Darbo Boateng, Felix Manford, and Primerose Katena, to help people sell online while eliminating the costs for logistics, warehousing and inventory. “At the moment, people who want to sell online need to save money, visit hundreds of suppliers to find a trusted one, and risk losing their capital by stocking up inventory. Beyond this, they need to incur costs for logistics and warehousing. We eliminate all that,” CEO and co-founder disclosed to Disrupt Africa.
The startup has achieved notable growth since it launched in 2020, serving thousands of merchants in Ghana, and will now begin operations in Nigeria. This is possible through funding it had previously received from investors such as Google Black Founders’ Fund, LoftyInc Capital Management, and Plug and Play Ventures.
Tendo participated in the second cohort of the Catalyst Fund’s inclusive digital commerce program with other startups OZÉ, Shopa, and Swoove. This year, it announced participation in the Y Combinator winter 22 accelerator program.
Tendo makes its profits by taking a percentage of each order processed via the platform. Suppliers can also place ads on the platform to increase visibility for their products.
Manford also revealed that though the startup faces the challenge of offering affordable and reliable last-mile delivery, revenues grow gradually.
As the country manager for Nigeria, Chisom Ukaegu explained the opportunity Tendo envisions to tap into in Nigeria.
“With the young demographics making up more than one-third of Nigeria’s growing population, Tendo’s entry into Nigeria is the logical next step as we work towards building the largest reselling platform in Africa. Our primary focus here is to build the largest network of resellers or Tendo merchants as we like to call them, and equipping them with the resources and support needed to grow and manage their business,” Ukaegu said.