Jiji, a Nigeria based digital classifieds company has secured additional equity funding of US$21 million by an investor consortium led by Knuru Capital. Jiji was founded in 2014 and now has an estimated 8 million monthly users on its platform and expanded presence in West Africa and East Africa. Through acquisition, Jiji bought OLX Nigeria, Ghana, Kenya, Tanzania and Uganda to further grow its market share in the West and East African region. The company has strong competitors in the region such as the New York listed Jumia and Ringier Africa.
Knuru Capital is a venture capital firm based in the United Arab Emirates that deploys growth capital to technology based start-up businesses worldwide. The target investment is in fintech technology innovation in emerging markets. The stake acquired by the investor consortium led by Knuru Capital remained undisclosed.