Connect with us

Telecom

SweepSouth Acquires Egyptian Start-up, Filkhedma

Published

on

Kindly share this post

South African-born SweepSouth, which currently operates in Kenya, South Africa and Nigeria, has announced its acquisition of Egyptian start-up, Filkhedma.

Aisha Pandor, CEO and Co-founder of SweepSouth.

Filkhedma is Egypt’s leading home services marketplace operating across three regions on the continent and serving tens of thousands of customers with cleaning, maintenance, and beauty services, while empowering over 2 000 service providers through technology with consistent incomes and professional development.

“We are thrilled to have Filkhedma as part of the SweepSouth family,” says Aisha Pandor, CEO and Co-founder of SweepSouth. “It’s not only their services that align with ours, but also their values and culture.

“Just like us, Filkhedma is passionate about providing quality and trusted home services, while creating work opportunities for those who need it most.”

“Co-founder Alen Ribic added, “We’ve proven our technology and operational expertise in numerous markets in sub-saharan Africa, and this acquisition gives us the opportunity to extend that reach into Egypt, a huge market with millions of households.

“Coming together with the Filkhedma team represents the next phase of building SweepSouth into a global platform that will continue to expand our services not only on the continent, but further abroad as well.”

Omar Ramadan, CEO and Founder of Filkhedma, says: “We are happy with this incredible milestone and excited about joining forces with the SweepSouth team to fulfill our vision of empowering providers and delivering quality services in Africa and beyond.

“We already have well over 2 000 service providers on our platform and we’re confident that with the backing of SweepSouth, we will be able to sign up many more and expand into neighbouring countries, too.”

Pandor notes that Ramadan will play a key role in the executive team of the combined entity and that all employees of Filkhedma will stay on.

The acquisition means that SweepSouth will be one of a few African start-ups operating in the continent’s four key tech ecosystems of South Africa, Egypt, Kenya, and Nigeria. It also means that all markets will have access to new services almost immediately, while the company as a whole will be primed for further expansion into other parts of Africa and the Middle East.

For South Africa, the biggest change will be the imminent rollout of beauty services. This will include manicures and pedicures, hair care and makeup services that can be done at home.

This not only gives SweepSouth customers access to more services, but it also gives entrepreneurs in the field the opportunity to list on the platform. This, in turn, allows access to a larger pool of potential customers.

For Egypt, the company will benefit from SweepSouth’s technology, as well as the indoor and outdoor home cleaning services already available in South Africa, Kenya and Nigeria.

Naspers Foundry Head, Fabian Whate says: “This acquisition has the potential to yield significant synergies. Filkhedma is an excellent business and is aligned to SweepSouth’s ambitions to expand its service offering and gain access to high growth markets across the region.

“Egypt’s growing middle class and rising financial inclusion and internet penetration, offer huge opportunities for the combined home services platform of the two companies.

“Helping high-potential early-stage tech companies scale is central to what Naspers Foundry does and we’re particularly excited about this milestone in SweepSouth’s journey.”

“We are very excited to see this partnership happen and the prospects of this combined entity,” said Tarek Assaad, Managing Partner at Algebra Ventures, lead investor in Filkhedma.

“Filkhedma pioneered the home services industry to become the largest player in Egypt, and this consolidation with SweepSouth demonstrates the parallel fits between Egypt and Sub-Saharan Africa.

“Companies partnering across the continent pave the way to cross-border investments, and highlights that we are one step closer in addressing the untapped opportunities existing in Africa’s key markets.”

“Egypt has been a strong economic player on the continent for many years,” notes Pandor. “The country has a strong, and growing, middle-class that has been underserved in the domestic home services arena.

“With a compelling economic growth track record and outlook, and an economy that has been resilient in the face of challenging times, it made sense for us to eye this market for our next big leap.”

“We are entering a rapid growth phase and executing on a number of other new country launches in 2022,” adds Pandor. “Having the Filkhedma team on board is particularly exciting as it’s an intra-African acquisition by two companies in the same vertical. This acquisition almost doubles our addressable market on the continent and enhances the products and services that we already offer.”

“We are particularly excited about the growth prospects this acquisition presents us with,” Ramadan notes.

“Already we have a string of new software updates coming thanks to this acquisition and we are also able to offer our expertise in onboarding our popular services, such as air conditioning technicians, satellite dish installations and home appliance repairs, in other regions.”

“I look forward to working with Aisha, her co-founder Alen Ribic, and their team as we enter this exciting new chapter,” he concludes.


Kindly share this post

Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

Telecom

ATCON Offers Solutions to Fibre Cable Cuts in Telecom Industry

Published

on

Kindly share this post

Association of Telecommunication Companies Of Nigeria (ATCON) has highlighted fibre cuts as a major stumbling block to the Nigerian telecom sector’s growth and affirmed its readiness to take strategic measures to tackle submarine fibre disruption in the country.

ATCON Offers Solutions to Fibre Cable Cuts in Telecom Industry

Tony Emoekpere, president of ATCON, at the first edition of ATCON’s Critical Conversation Breakfast Meeting held in Lagos with the theme: ‘the Direct And Indirect Cause And Impact Of Metro, Terrestrial And Submarine Fibre Disruptions (Cuts)–Short, Medium And Long Term Sustainable Solutions’, stated that, operators cannot continue to pay lip service to issues and challenges that have constituted stumbling block to the telecom sector growth.

The president recall that few months ago, there was a reported case of submarine cuts which significantly impacted Nigeria and some African countries, adding that, “The incidences of Metro, Terrestrial and Submarine Fibre Disruptions have become a recurring decimal which must be addressed by relevant agencies at all levels of government. Our members have had to pay a substantial amount of money to have all these disruptions fixed and this is impacting on their operational expenses which should not be if the perpetrators are brought to book.”

On advocacy, the president said ATCON is seeking ways going forward, adding that ducts should be built when new roads are being constructed. “There is a need to enforce and implement the provision in the Nigeria National Broadband Band Plan 2020-2025 which states that NCC should have a desk officer in each state of the Federation who is expected to be in charge of the fiber network in order to minimize Fiber cuts during roads construction,” he recommended.

The president averred that the telecom sector has been reported to contribute over 14 per cent to the nation’s GDP, adding that, the sector could have done much better if issues like fiber disruption which has constituted a threat to the manifestation of its inherent potentials, is dealt with.

Emoekpere however stressed the need for more collaboration between telecoms operators and government, with developers and road contractors to mitigate the challenges of fiber cuts.

“There must be compensation for fibre cable cuts. Training and awareness creation on the importance of fibre cable and the danger and negative impact of fibre cable cut, cannot be overemphasised. The federal government should declare telecoms assets as Critical National Infrastructure (CNI).

“Government should come up with policies like ‘Dig Once Policy’ for the implementation of fibre laying to avoid operators damaging cables of other operators during cable laying. There must be a clear database of government agencies giving approvals for road construction to enable telecom companies to have an idea of who they are dealing with as well as the need to have a status update on task responsibilities of ATCON for a follow-up of ATCON activities,” he advocated.

In the same vein, Lekan Balogun, CEO of NetAccess, said, the major causes of fibre cable cut includes Govt/Private Contractors, Man made, planning and Design and Natural causes, while stressing that, there is need for constant engagement between ATCON members, the government and developers.

Balogun proposed short, medium and long term recommendations to forestall fibre cuts, adding that the use of protective materials like metals rather than plastics will help protect the cables from unwanted cuts.

Credit: Leadership


Kindly share this post
Continue Reading

Telecom

Starlink now 3rd Largest ISP in Nigeria – NCC

Published

on

Kindly share this post

Starlink, Elon Musk’s Internet company, has emerged as Nigeria’s third-largest Internet Service Provider (ISP) with 23,897 subscribers in the fourth quarter of 2023, according to latest ISP data released by the Nigerian Communications Commission (NCC) on Monday.

Starlink now 3rd Largest ISP in Nigeria – NCC

According to the NCC data, Starlink’s active customers in Nigeria surged 113 per cent in Q4 2023, from 11,207 customers in the previous quarter, establishing it as one of the leading ISPs in the country.

Spectranet, one of the oldest ISPs in the country, maintained its top position in the market with 113,869 active customers.

FiberOne followed in second place with 27,000 active users at the end of 2023.

ISPs are different from mobile Internet providers, like the telcos such as MTN, Airtel, etc.

They provide Internet through various wired technologies, such as DSL, cable, fibre-optic, or satellite connections. They use fixed infrastructure that requires a physical connection to the home or business.

Starlink launched its services in Nigeria in January 2023, becoming the first African country to receive the service, more than 20 months after SpaceX met with the NCC to outline their deployment plans.

Meanwhile, Spectranet, one of the oldest ISPs in the country, maintained its top position in the market with 113,869 active customers.

FiberOne followed in second place with 27,000 active users at the end of 2023.

ISPs are different from mobile Internet providers, like the telcos such as MTN, Airtel, etc.

They provide Internet through various wired technologies, such as DSL, cable, fibre-optic, or satellite connections.

They use fixed infrastructure that requires a physical connection to the home or business.

Starlink launched its services in Nigeria in January 2023, becoming the first African country to receive the service, more than 20 months after SpaceX met with the NCC to outline their deployment plans.

As of September 2023, just 8 months after its launch, Starlink had amassed 11,207 active subscribers in Nigeria, making it the fourth largest ISP in the country.


Kindly share this post
Continue Reading

Telecom

Airtel Africa Completes $550m Bond Repayment

Published

on

Kindly share this post

Airtel Africa, telecommunications and mobile money services provider, has revealed that its subsidiary, Bharti Airtel International (Netherlands) B.V., has repaid in full its $550m bond maturing Monday.

Airtel Africa Completes $550m Bond Repayment

 

This was disclosed in a corporate filing with the Nigerian Exchange Limited (NDX) signed by G Simon O’Hara, group company secretary, on Monday.

With this repayment, the company said that it had achieved a zero-debt position at the HoldCo.

The $550m bond was 5.35 per cent Guaranteed Senior Notes.

“This bond repayment of $550m has been made exclusively out of cash reserves at the holding company and is a continuation of its strategy to reduce external foreign currency debt. At the time of the IPO in June 2019, the group had $2,719m of external debt at HoldCo which resulted in significant exposure to currency fluctuations and the reliance on upstreaming funds to cover both interest costs and the principal repayment.
“Through consistent execution of its strategy supporting strong free cash flow generation, and continued upstreaming success, the group has been reducing Holdco debt over the past few years and has now reached the significant milestone of a zero-debt position at HoldCo. The current leverage and capital structure is a reflection of the Group’s successful capital allocation strategy that has been in place since our IPO, and it will aim to continue reducing foreign currency debt obligations across its OpCo’s,” part of the statement from the telecoms provider said.


Kindly share this post
Continue Reading

Trending