Financial Times Report:Wasoko and Quickmart fastest growing Companies in Africa

Kenya is the third country with nine billion worth, yet fastest growing companies in Africa according to latest report by Financial Times.It, trails South Africa with 24, Nigeria (20), and ahead of Egypt (six).

According to FT, these countries are also the markets that have attracted the most venture capital and where unicorns – companies valued at Ksh.115 billion and above have proliferated.

Kenya has exhibited its potential to create serene business working environment where majority of fintech and tech firms are tapping into country’s mobile penetration currently seen at 104 percent, according to GeoPoll.

Wasoko, a Kenyan company which focuses on technology is ranked top company in Africa that is growing at the fastest rate.

With 372 employees, Wasoko achieved the highest Compound Annual Growth Rate (CAGR) in revenue in three years to 2020 when it raised Ksh.3.15 billion from Ksh.34.5 million.

It had 57 employees by 2017, just one year after launch.

When Wasoko (founded in 2016) rebranded from Sokowatch to Wasoko, it managed to raise Ksh.14.4 billion in March in what it called Series B funding for its expansion.

“Wasoko, formerly Sokowatch, which heads the ranking, is one of several on the continent seeking to cut the cost of doing business in the massive informal commerce sector, by helping to deliver goods to traders more efficiently,” reads FT.

Flocash Limited, a fintech firm, also Kenyan based, comes second on the list.

Its annual revenue growth in 2020 averaged 274.70 percent to Ksh.741.6 billion in 2020 from Ksh.11.5 million in 2017.The company has 82 employees.

Here is list on Kenya’s nine companies little known that pose greater future;

Lori Systems – deals with e-logistics solutions

Its revenue hit Ksh.2.8 billion in 2020, from Ksh.336.1 million in 2017 and has 142 employees from 20 in the review period.

Quick Mart

The retail chain firm comes in fourth in Kenya but 11th in Africa. Quick Mart’s revenue surged to Ksh.18.7 billion in 2020 from Ksh.4.6 billion in 2017 and boasts 3,265 employees from 708 in the review period.

Quick Mart has 46 branches in Kenya after it opened six more outlets in 2021. It had 11 branches in 2019. It, however, trails Naivas which has 74 branches across the country.

Africa’s Talking

Launched in 2010, Africa’s Talking deals technology in the country and comes fiFth but 13 on the continent. Its turnover in 2020 stood at Ksh.1.5 billion from Ksh.393.9 million in 2017. Report shows the tech firm has 101 employees from 33 in the year 2017.

Copia Kenya

Founded in 2013, Copia Kenya boasts 627 employees having climbed from 133 in 2017. Its revenue as of 2020 stood at Ksh.2.6 billion from Ksh.706.8 million.

It falls sixth in Kenya but 20 on the continent.

ASA Kenya

Founded in 2012, ASA has 624 employees. it had 336 employees in 2017 when its turnover stood at Ksh.278.1 million but has since surged to Ksh.602.6 million. It comes 32nd on the continent.

East African Business Company

The company deals Agricultural commodities and has been ranked 41st on the list as among fastest growing companies on the continent. It was founded in 2011 when it had eight employees who have since nascent to just 40 in 2020 with Ksh.347.7 million turnover from Ksh.186.4 million in period under review.

M-KOPA

Launched in Kenya in 2011, M-KOPA is a fintech firm that offers financial solutions. It has 1,102 employees with Ksh.10.1 billion turnover as of 2020 from Ksh.6.2 billion in 2017 when it had 820 employees. The company falls 51 on the continent.

Impax

Impax Business Solutions founded in 2003 falls 67 on the continent out of 75 fastest growing firms. It has 63 employees with Ksh.243.3 million turnover as of 2020.