Lipa Later Group has acquired e-commerce platfor, Sky.Garden.
Following the acquisition, Lipa Later will manage the e-commerce’s operations in Kenya even as they look forward to work with existing and new merchants.
CEO Eric Muli said thousands of merchants have signed up on the platform offering wide-range of goods and services.
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“SkyGarden platform has worked with over 10 thousand merchants and hundreds of thousands of customers across the country and has been a very big enabler of E-commerce in the country,” Muli was quoted by capitalfm.co.ke.
Lipa Later will provide Sky.Garden’s buyers buy now, pay later model that provides for a payment plan that is flexible and affordable through monthly instalments.
In October, Sky.Garden announced that they will not exit the Kenyan market after getting new owners for the local unit.
The start-up company filed an insolvency in the Danish Holding Company Sky.Garden ApS on financial challenges.
“Last month management saw no other options than to file for insolvency in the Danish Holding Company Sky.Garden ApS,” co-founder Martin Majlund said.
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“Today, I’m happy to announce that we’ve found an acquirer for the IP and the Kenyan company. Sky.Garden will live on with new owners and new management.”
Majlund said they were facing financial challenges but were looking for new investors as well as buyers.
“2022 has been a shitty year running a B2C tech company in East Africa but I’m pleased that we managed to secure the vision of Sky.Garden to live on whilst retaining jobs,” he said.