The acquisition of Green Lion by TradeDepot paves the way for its growth and the delivery of its services across the country.
The acquisition involves a full take-over of Green Lion's assets. Green Lion developed a digital ledger called Wysr which retailers use to monitor stock. Green Lion was co-founded by three people.
Green Lion is one of the largest B2B e-commerce platforms in the country. By September last year, it had a presence in four cities with plans to enter more. By the end of the year, it hoped to have 15,000 customers. Before acquiring Green Lion, TradeDepot was only active in the capital city.
Green Lion had achieved a lot by using its data, technology and logistics network to connect more neighborhood retailers to suppliers, while providing them with access to financing options like loans. The company's ShopTopUp platform has the BNPL offering embedded.
The Green Lion team is excited to bring growth and prosperity to more retailers and distributors in the country, as it represents a significant market for consumer goods in Africa. We will deepen our relationship with the market and work with more partners to maximize the opportunities that exist in the country and beyond, said TradeDepot CEO and co-founder Onyekachi Izukanne.
TradeDepot, which was founded in 2016 and recently raised $110M in series B funding, uses its own warehouses and fleets of drivers to distribute goods to its network of micro-retailers. One of the largest B2B e-commerce platforms in Africa is the Series B round.
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