Chari has announced the acquisition of Karny.ma, a Moroccan mobile credit book application, following the reports of a recent Pre-Seed financing led by Silicon Valley’s Plug and Play Ventures, the venture capital arm of French telecom operator Orange Digital Ventures, and Y combinator.
“Karny.ma users are the right target for Chari. We believe there can be many synergies between the two apps and we want to grow both in parallel with the end goal of starting to offer financial services to all of our customers” says Ismael Belkhayat, Co-Founder and CEO of Chari.
With this acquisition, Chari is expanding its activities to include FinTech solutions that will not only help B2B companies and provide users with financing choices, but will also help enhance sales bottom lines. With businesses like Pakistan’s Bazaar and Dastgyr, as well as Cairo’s Teegara, closing excellent rounds in Emerging Venture Markets, this E-commerce FinTech hybrid offering has been gaining steam.
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Why The Acquisition
Karny.ma is a key purchase since it provides a simple and effective debt finance solution. The Karny.ma software allows users to keep track of their transactions on their phones, share them with their debtors, and collect their loans more quickly. Chari can extend its market and operations with this new addition to the range of offerings; the Morocco-based marketplace is currently witnessing monthly growth of more than 10% and expects to have a turnover of more than $20 million by the end of 2021.
Chari is a B2B e-commerce program that allows traditional convenience stores to get everything they need and have it delivered in less than 24 hours. It was launched in January 2020 by the duo Ismael Belkhayat and Sophia Alj. Before joining the ranks of STATION F in Paris, Chari was incubated within the family-owned H&S Invest Holding. More than 10,000 grocery businesses in Morocco already use it.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer