Naspers-Backed Startup Gets Debt Funding to Cut Euro Obligations [BNN Bloomberg (Canada)]
NASPERS LTD S/ADR (NPSNY)
NASDAQ:AMEX Investor Relations:
naspers.com/news/publication-of-prospectus-and-expected-admission-o
Company Research
Source: BNN Bloomberg
The Naspers Ltd.-backed firm, which has raised about $150 million to date, got 300 million rand ($16 million) of funding from Standard Bank, Africa's biggest lender by assets, according to Planet42 Chief Executive Officer and co-founder Eerik Oja. “We have had no rand-based debt so far, and that is obviously super-expensive for a business operating in South Africa,” Oja said in an interview. “This is a first step to a bigger strategic partnership for us with Standard Bank,” as the startup ramps up auto loans where traditional banks usually cannot finance certain individuals because of regulations, he said. Many African cities lack public transportation, pushing residents to own their vehicles or use ride-hailing services. Planet42 gets more than 60,000 applicants for its cars every month, Oja said. Uber Technologies Inc. is also in talks to back African vehicle-financing startup Moove in a funding round that would value the company at $750 million, Bloomberg reported previously.
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