Delivery start-up Kyosk buys Kwik Basket in expansion plans
Rafael Afaedor, a Ghanaian, currently residing in Kenya, who co-founded Kyosk, a data-led platform connecting informal retailers to fast-moving consumer goods companies via a mobile app. FILE PHOTO | POOL
Kenyan retail distribution startup Kyosk has acquired Kwik Basket as part of its expansion into the African fresh produce market.
Kwik Basket has been using technology to provide agricultural produce to consumers while Kyosk creates a direct link between the farmers and the small traditional retail shops.
The company’s expansion into the African fresh produce market comes with the launch of its farm and fresh line of business following Kwik Basket’s acquisition.
“This acquisition marks a major milestone for Kyosk as we broaden our footprint in the fresh produce market in Africa and enhance our offering to cater to the needs of farmers, retailers, kitchens, eateries, and other consumers,” said Raphael Afaedor, co-founder and CEO at Kyosk Digital Services.
He said Kwik Basket’s expertise and resources, would aid the firm to unlock the full potential of farming in Africa and create a fair and efficient marketplace.
“This expansion presents a unique opportunity for Kyosk to leverage its digital-first and data-led distribution platform to revolutionise the way fresh produce is sourced, distributed, and enjoyed in Africa,” said Mr Afaedor in a statement.
The African retail market is valued at about $600 billion and is projected to grow at a rate of five percent to five percent annually.
Kyosk app focuses on serving small and traditional retail outlets, which account for more than 60 percent of retail trade in Africa.
The company declined to disclose the acquisition figures to the Business Daily.
Kwik Basket brings on board its user base of 1,500 registered commercial kitchens and over 5,000 farmers it has worked with before.
Kyosk Fresh will cater to the needs of restaurants, eateries, and other customers by providing a consistent supply of a variety of high-quality products.
Kitchens and eateries often face several challenges due to long lead times in the supply chain.
