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Plentywaka raises $300,000, seeks partners as it launches operations in Abuja

The company is in search of partners to join the Plentywaka Vehicle Partnership scheme

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Plentywaka records 100,000 rides as it compete with Danfo, OBus, Plentywaka raises $300,000, seeks partners as it launches operations in Abuja

Fast-growing transport/delivery startup, Plentywaka, has raised $300,000 pre-seed investment to facilitate its expansion plans.

According to a statement by the company which was sent to Nairametrics, the funding was led by EMFATO, Microtraction, and Niche Capital. It will help to facilitate that company’s planned expansion into the Federal Capital Territory Abuja and other Nigerian states.

More details: The funding will also be used to transform the transport system in Nigeria. Plentywaka will improve its mapping technology, especially now that it is kicking off activities in other states and the FCT.

While commenting on the investment and launch, Co-Founder and Managing Director, Johnny Enagwolor, said that Plentywaka is out to transform transportation in Nigeria by taking it one state at a time.

“Securing investment and expanding into Abuja within our first year, in the midst of a pandemic speaks volumes of the demand for the service we provide. We are excited to have investment partners on board that see and believe in our vision.

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“An efficient transport system is fundamental to the prosperity of any city and we believe safe, convenient and comfortable travel should not just be for the few; but for everyone,” he said.

(READ MORE:Biggest oil trader, Vitol, in record compensation, pays over $6 million each to top employees)

Also commenting on the investment, Dayo Koleowo, a Partner at Microtraction, said:

“Plentywaka’s rapid growth since they launched Q3 last year has been tremendous so far. We are glad to be partnering with a very strong team that is passionate about providing convenience, safety, and comfort to everyday commuters. The distressful and uneasy experience by the majority of these commuters, especially in large cities is evident. We are backing the Plentywaka team to change that experience for commuters progressively by creating a transport system that is efficient.”

Plentywaka needs partners: In the meantime, Plentywaka said it is currently in search of partners who are willing to bring their vehicles on board by joining the Plentywaka Vehicle Partnership scheme.

The partnership involves Plentywaka working with individuals, corporates, and state governments to expand its technology and fleet in order to provide better transportation services.  Just like other cab-hailing services, registering a vehicle on the platform would provide the partners with an opportunity to earn extra income.

In view of the pandemic, the company has assured that all vehicles in its scheme would be properly fumigated and equipped in line with government regulations and to keep commuters and drivers safe with the Wakapurse which allows electronic payment.

The Backstory:  The e-bus hailing company, which was launched in September 2019, was funded by Crowdyvest. Since then, the company has built a platform of over 40,000 customers and recorded its first 100,000 rides in six months.

They also recently announced the availability of same-day delivery service to small businesses, as well as the logistics by Plentywaka and its Staff Bus Solutions.

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The company first launched its services in Lagos and the success recorded so far has encouraged its decision to venture into other states. With the gaps seen in the country’s public transport system, the company is optimistic that it can provide a more reliable and efficient bus service.

 

Ruth Okwumbu has a MSc. and BSc. in Mass Communication from the University of Nigeria, Nsukka, and Delta state university respectively. Prior to her role as analyst at Nairametrics, she had a progressive six year writing career. As a Business Analyst with Narametrics, she focuses on profiles of top business executives, founders, startups and the drama surrounding their successes and challenges. You may contact her via [email protected]

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TikTok’s owner seeks $60 billion valuation in US deal as Oracle, Walmart take stakes

Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global.

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Tiktok world’s most valuable startup is worth more than $100 billion

TikTok’s parent company, ByteDance is seeking a valuation of $60 billion for its video-sharing app, as Oracle Corp and Walmart Inc take stakes in the technology firm’s US operations to address the security concerns of the Trump administration.

According to a report from Bloomberg, Oracle and Walmart have rights to buy 12.5% and 7.5% respectively of a newly established TikTok Global under an agreement that has gotten the approval of President Donald Trump.

The duo US firms would be paying a combined amount of $12 billion for their stakes if they reach an agreement with TikTok for the asking price of $60 billion.

READ: Oracle wins bid to acquire TikTok’s US operations after Microsoft offer was rejected

The final valuation had not been set as the parties worked out the equity and measures for data security.

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It was also stated that China is yet to approve the deal, although regulators are said to have expressed support for any transaction in which BtyeDance still maintains control of its valuable recommendation algorithms and other proprietary technology.

It would be recalled that President Donald Trump, had threatened to ban the ByteDance owned TikTok, over national security concerns, but which some analysts see as part of the row between US and China. This pressured ByteDance into the deal as they looked to avoid the ban by the US government.

READ: ByteDance, Tiktok’s parent company, now worth over $100 billion

The US officials had expressed concern that the personal data of as many as 100 million Americans that use the app were being passed on to the Chinese government.

ByteDance turned down the proposal of a full buyout from Microsoft Corp but rather agreed to Oracle’s offer in which the Chinese parent company will still maintain a majority stake in the technology firm.

Trump told reporters on Saturday, ‘’I approve the deal in concept. If they get it done, that’s great. If they don’t, that’s ok too.’’

READ: President Trump dumps plan to force foreign students to leave the US

Trump’s new stance appears to conflict with his earlier executive order for China’s ByteDance to divest from the video-sharing app’s operations in the United States.

ByteDance is in a race to avoid a ban on TikTok after the US Commerce Department said on Friday that it would block new downloads and updates to the app from Sunday.

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According to market researcher, CB Insights, ByteDance is the most valued private start-up in the world at $140 billion. Under the proposed deal, ByteDance may end up owning as much as 80% of TikTok Global, which include the app’s operations in the US and the rest of the world excluding China. Venture firms like Sequoia Capital and General Atlantic may also acquire equity in the new business.

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Tech News

President Trump approves Oracle, Walmart deal with TikTok

Trump approved in principle a deal in which major Oracle and Walmart would partner with TikTok.

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President Trump approves Oracle, Walmart deal with TikTok, US gives reasons it warned citizens against travelling to Nigeria, lists 12 high risk states, Donald Trump, What does Iran’s war with America mean for Africa?, US to stop issuing visa for Birth Tourism, Trump Travel Ban List: Why Nigeria should be excluded  , US spends over $5b in health assistance to Nigeria in 20 years, gives $32.8m for covid-19, Oil Is Back

President Trump on Saturday night disclosed that he had approved in principle a deal in which major Oracle and Walmart would partner with TikTok in the U.S, thereby allowing the fast-growing social app to maintain operation in the world’s largest economy.

“I have given the deal my blessing if they get it done that’s great if they don’t that’s okay too,” Trump told reporters on the White House South Lawn before departing for North Carolina. “I approved the deal in concept.”

Trump further disclosed the new firm will likely be registered in Texas.

READ: TiKTok to take legal actions against President Trump’s ban

Shortly after Trump’s comments, Oracle announced it was chosen as TikTok’s secure cloud provider and will become a minority investor with a 12.5% stake. Walmart and TikTok could not be immediately reached for comment. Trump said the companies would unveil the full scope of the deal soon.

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Oracle CEO Safra Catz spoke elaborately on the deal saying; “We are a hundred percent confident in our ability to deliver a highly secure environment to TikTok and ensure data privacy to TikTok’s American users, and users throughout the world.

“This greatly improved security and guaranteed privacy will enable the continued rapid growth of the TikTok user community to benefit all stakeholders.”

READ: BAND, fastest growing crypto gains 5,620% in 7 months

BackStory

Nairametrics, a few days ago broke the news on the proposed plan, awaiting President Trump’s approval, which included Oracle owning a minority stake that will be lower than 20% of the new global TikTok. Walmart, the world’s biggest retailer by revenue will also take a stake, though its amount remains unknown.

While the Chinese authorities have asserted it’s right to obstruct the sale of vital technologies, it is likely to approve the deal as long as it doesn’t involve the transfer of the artificial intelligence algorithms that drive TikTok’s service.

Explore the Nairametrics Research Website for Economic and Financial Data

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Tech News

Facebook to open Lagos office in 2021

When the social media giant comes to Nigeria, it will be its second office on the African continent.

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Facebook set to award $3 million in Community Accelerator program, Facebook to invest $100 million in media houses as coronavirus crashes their revenue, Facebook to expand Coronavirus Information Centre to Nigeria, 16 other African countries

Social Media giant, Facebook announced it would open an office in Lagos in 2021, its second office in the continent and the first in Africa to house software engineers.

This was announced by Facebook Program Manager, Chimdindu Aneke on social media. “We are opening a Facebook office in Lagos, Nigeria later in 2021,” he said.

READ: Facebook bans racist ads, in response to ad boycotts by big brands

He added that the office would be the first in Africa by Facebook for the purpose of engineering and “building for the future of Africa and beyond”.

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Media aide to the Presidency, Tolu Ogunlesi quoted Facebook saying, “As part of its continued commitment and ongoing investment in Africa, Facebook today announced it will be opening an office in Lagos, Nigeria – its second office on the African continent.”

READ: CBN urges banks to ‘support’ media, aviation industries to avert growing job losses

In 2019, Facebook’s biggest market in Africa was Nigeria with 33 million monthly active users.

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