ebay Inc. Joins Forces with MallforAfrica in Joint Venture
Castleton Rose has provided venture capital funding for MallforAfrica and views the joint venture with e-commerce giant eBay Inc (EBAY) as a positive step for of clients of the Hong Kong based asset management firm.
- (1888PressRelease) July 07, 2016 - Castleton Rose Hong Kong is pleased to be a part of the growing African based e-commerce startup as a joint venture was announced between MallforAfrica and eBay Inc. (EBAY). The joint venture is purely financial, logistical and marketing based with no indication at this stage as to whether investors can anticipate a potential buyout in the near future.
"As providers of venture capital to MallforAfrica we are evidently pleased that a company like eBay, with such size and practical expertise has committed to be part of the MallforAfrica growth story. Naturally our own instincts here at Castletown Rose prompted us to provide capital assistance as we believe the audience that MallforAfrica is able to capture presents an enormous scope for growth," commented a Castletown Rose spokesperson at the firm's Hong Kong based headquarters.
The joint venture will combine business competences as the platform 'eBay powered by MallforAfrica' intends to open up trade between US and African Buyers. As eBay Inc. continues to rebuild after it's split from PayPal last year, the company's turnaround strategy will use this join venture to gain a substantial presence in Nigeria, Kenya and Ghana through logistical developments and warehousing.
"The African e-commerce market remains in its infancy as approximately less than 10% of its retail capacity is conduct through online sales channels. There is huge scope to convert part of the remaining percentage over to e-commerce distributions and eBay remains a global leader in this concern."
"The joint venture makes perfect sense for both parties. On one side, eBay gains direct access to a rapidly developing e-commerce market whilst removing entry barriers such as trade tariffs and economic restrictions. On the other side, MallforAfrica will see an instant boost in revenues as access to a large US client base brings an array of marketing advantages."
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