Africa's first e-commerce platform, Badili based in Kenya has successfully raised an undisclosed amount of seed funding led by E3 Capital. Both existing and new investors, including Renew Capital and Grenfell Holdings, participated in the round. This funding round comes after a year of Badili's Pre-seed funding round.
Co-founded
by Rishabh Lawania & Keshu Dubey in 2021, Badili expanded into two more
strategic markets last year, including Uganda and Tanzania. A few months ago,
the startup announced its partnership with Airtel Uganda after completing its pilot run in the market. The company now offers refurbished
smartphones available through Airtel outlets in Kenya, Uganda, and Tanzania, as
well as on online channels via other partners like Copia and Jumia.
Rishabh Lawania, CEO and Co-Founder of Badili commented, “E3 Capital
is one of the few rare African VC firms that have seen the rise of the African
business ecosystem from a nascent stage, and it’s a matter of pride for us at
Badili to welcome a seasoned VC firm as a lead of our latest seed round. I am
certain that this partnership will make a huge impact on our business as well
as the lives of our thousands of aspirational African consumers who are looking
to buy affordable and carbon-neutral consumer electronics.”
Badili’s
recently secured funding will allow the company to strengthen its operational
efficiency and expand its reach in current markets. The startup plans to
accomplish this by bringing on board new talent to help scale its operations
and work towards stabilizing unit economics. These efforts will help Badili to
continue its innovative work and strengthen its position in the industry.
Paras
Patel, Managing Partner at E3 Capital, stated, “Supporting Badili Africa,
aligns with our ethos of fostering digital innovation while advocating for
environmental sustainability. It’s noteworthy that refurbished phones reduce
associated CO2eq emissions by 87% compared to new phones, underscoring the
positive climate impact of Badili’s business model. In just a short period, we
have been impressed by Badili ’s ability to scale the business model in Kenya,
Uganda and Tanzania, striking partnerships with key stakeholders in the
eco-system.”
E3
Capital, previously known as Energy Access Ventures, invests between USD 250 K
and USD 10 M in companies with digitised, decentralised, and decarbonised
business models. Last year, E3 Capital made investments in three African
companies, namely Nuru, Mawingu and Untapped Global. After successfully
deploying its Euro 75 M (USD
82 M) EAV- Fund I, E3 Capital
partnered with Cygnum Capital to launch Euro 150 M (USD
164 M) E3 Low Carbon Economy Fund I.
