MarketForce winds down its B2B e-commerce arm [TechCrunch]
Omnicom Group Inc. (OMC)
Last omnicom group inc. earnings: 4/28 06:25 am
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Source: TechCrunch
The shutdown of the B2B e-commerce arm dubbed RejaReja comes months after MarketForce withdrew the service from all its markets, including Nigeria and Kenya, save for Uganda. RejaReja was intended to enable informal retailers to order fast-moving consumer goods (FMCGs) from distributors and manufacturers, solving several challenges encountered by informal retailers such as stockout and financing. The marketplace, launched in 2020, hoped to tap the informal retail sector in the continent, which accounts for about 80% of household trade in sub-Saharan Africa. At its peak, it employed more than 800 people and served 270,000 informal merchants. MarketForce had raised $42.5 million, including $40 million debt-equity in a Series A round in 2022 at over $100 million valuation, to fuel the business. However, a mix of challenges — including aggressive expansion, a capital-intensive business model, razor-thin profit margins and a funding crunch after an investor reneged on their promise
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