Tugende, a club specializing inwards leases for motorcycle taxis known every chip boda-bodas, belatedly raised USD x meg inwards debt too equity majuscule from a grouping of investors, bringing the size of the house’s residue canvass to USD 30 1000000. The ane investor that has been identified is Mobility 54, a fund of Nihon-based Toyota Tsusho Corporation that focuses on African markets.
The motorcycles financed past Tugende price USD 700. Drivers’ leases postulate weekly electronic payments over the course of ii years. These payments also cover training, safety equipment, as good as wellness in addition to life insurance. As of October 2020, Tugende has 23,000 active clients together with 12,000 more who have got got completed their leases too taken ownership of their vehicles. Going frontwards, Tugende plans to get downwardly financing agricultural machinery, appliances as good as other types of vehicles.
Tugende, whose advert translates as “Let’s Go,” has opened 17 branches inward Republic of Uganda since its launch inward 2012. In 2019, it expanded to Kenya, where it opened its offset branch inwards the urban center of Kisumu.
Verdant Capital, which arranged the bargain parcel for Tugende, provides capital letter raising as well as financial advisory services every flake well equally assisting inwards mergers inwards addition to acquisitions. Verdant Capital has offices inwards the Democratic Republic of Congo, Republic of Republic of Ghana, Mauritius as well as South Africa.
By Kate Finster, Research Associate
Sources too Additional Resources
Verdant Capital press release
Toyota Tsusho press loose on Mobility 54
Previous MicroCapital article on Tugende
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