Konga在尼日利亚的亚马逊之赌：融资1.08亿美元，随后在2018年被Zinox低价收购

做的是什么生意

An online marketplace selling consumer goods across Nigeria with its own KOS Express logistics and KongaPay payments.

启动资金：~$27M in its first year ($3.5M seed, then Kinnevik $17.5M for 46% and Naspers $9.7M for 25.5%), a $40M Series C in 2014 at roughly a $200M valuation, and about $108M known funding in total.

起因

Konga was founded in 2012 by Sim Shagaya, a Nigerian entrepreneur and Harvard MBA, and within a year had raised roughly $27M from Naspers and Kinnevik. It launched into a Coke-vs-Pepsi war with Jumia in which both companies out-advertised and out-discounted each other to capture Nigeria's still-nascent online shoppers, with billboards facing off across Lagos.

经过

Konga raised a $40M Series C in 2014 at about a $200M valuation and kept building KOS Express and KongaPay, but the 2015 naira crisis changed everything: Kinnevik marked Konga down from about $200M to $35M and cut the value of its own stake from $48M to $12M, while Naspers later recognised a $53M impairment. Konga slipped to #14 on Nigeria's Alexa rankings (Jumia was #6), Shagaya moved to chairman after reported investor pressure, and on Nov 30, 2017 the company cut 60% of its workforce, stopped pay-on-delivery and ended its warehouse merchant service.

结果

On Feb 2, 2018, Zinox Technologies, a Nigerian computer maker, acquired Konga for an undisclosed sum — reports suggested as little as $10M, while Zinox told Quartz the price was 'way higher'. Naspers said Konga 'has not reached the scale and level of profitability required to fund itself,' so it began discussions to divest, and Konga's independent venture-backed run ended.

可借鉴之处

当增长是靠折扣、广告和自建物流换来，而所在货币可能崩盘时，估值会先崩；没有单位经济学护城河的规模，只是对未来融资的昂贵索取权。