South African e-commerce website Takealot.com has managed to secure R1-billion ($100-million) in funding from Tiger Global Management. Founded by Charles P. Coleman III in 2001, Tiger Global manages hedge and private equity funds by investing in local and global public and private equity markets.
Takealot.com was founded in 2011, and by any standards the company is very young in the e-commerce space. But they have big plans for the future – to be “the most customer-centric online shopping destination in Africa.”
The company also has warehouses in Cape Town and Johannesburg and has a controlling stake in the fast-food delivery service Mr. Delivery. A billion rand can buy an awful lot, but Takealot.com said that the cash injection would be used to expand their operations further into Africa.
“Today Takealot.com is one of the fastest growing, most innovative e-commerce retailers on the African continent. At the core of everything we do is our customer. We are passionate about providing great customer experiences, beginning with the moment you land on our site, until the product you order is delivered safely into your hands,” the company explained.
Tiger Global Management has over the last couple of years invested heavily in a number of smaller operations, and before Takealot.com, it pumped $30-million into Thumbtack in a Series C investment. In May, the company also provided the Brazilian website NetShoes with $170-million, and publishing platform Automattic with $160-million in a Series C round of investment.
Tiger Global is also looking to increase its stake in social network Facebook. Currently the company has a 1% stake in Facebook for $164 million.
“Tiger Global has, as of 2011, six private-equity funds, with the latest one announce in January 2011. It was declared that Tiger Global is aiming to raise $1.25 billion for the latest fund to increase its stake in Facebook,” the company explained.
It is believed that Coleman III’s current stake in the social network is worth $50-billion, which also provide him with the privilege to access information about Facebook’s financials.