A new report has shown Kenyan firms raking in billions in revenue making them among the fastest-growing businesses in Africa.
The inaugural FT annual ranking of Africa’s fastest-growing companies attributed the immense growth to the use of technology to reach underserved markets.
10 out of 75 such companies are located in Kenya.
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Business Daily reported that Wasoko which delivers fast-moving consumer goods to kiosks and shops emerged the fastest-growing business in Africa.
Wasoko which was previously known as Sokowatch made it to the top having raised KSh 14.37 billion for the first-phase expansion, also known as series B funding.
The company grew revenue to about KSh 3.15 billion in 2020 down from KSh 34.5 million in 2017 and raised the number of its employees to 372 from 57.
Coming in at the second position was Kenya’s fintech company, Flocash following its annual revenue growth which was averaged 274.70 percent.
This was an increase from KSh 736 million in 2020 from KSh 11.5 million in 2016.
It also increased its staff 82 from 20 in 2017.
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Lori Systems was Kenya’s third fastest-growing and ranked seventh in Africa after its revenue increased to KSh 2.87 billion from KSh 333.5 million in 2017.
The company which provides real-time information on long-haul transport services also raised the staff count to 142 from 20 employees in 2017.
Retailer Quickmart Supermarket ranked 11th in Africa after its turnover increased to KSh 18.64 billion from KSh 4.64 billion.
Employees increasing to 3,265 from 708.
Other fastest-growing firms are Africa’s Talking (13th), Copia Kenya (20th), ASA International Kenya (32nd), M-Kopa (51st) and Impax Business Solutions (67th).
Kenya is the third most represented country in the ranking behind South Africa (24) and Nigeria (20), and ahead of Egypt (6).