• Latest
  • Trending
Naspers invests R54-million in South Africa’s Planet42

Naspers invests R54-million in South Africa’s Planet42

December 21, 2021
Inaugural AfCFTA Conference on Women and Youth in Trade

Inaugural AfCFTA Conference on Women and Youth in Trade

September 6, 2022
Instagram fined €405m over children’s data privacy

Instagram fined €405m over children’s data privacy

September 6, 2022
8 Most Common Causes of a Data Breach

5.7bn data entries found exposed on Chinese VPN

August 18, 2022
Fibre optic interconnection linking Cameroon and Congo now operational

Fibre optic interconnection linking Cameroon and Congo now operational

July 15, 2022
Ericsson and MTN Rwandacell Discuss their Long-Term Partnership

Ericsson and MTN Rwandacell Discuss their Long-Term Partnership

July 15, 2022
Airtel Africa Purchases $42M Worth of Additional Spectrum

Airtel Africa Purchases $42M Worth of Additional Spectrum

July 15, 2022
Huawei steps up drive for Kenyan talent

Huawei steps up drive for Kenyan talent

July 15, 2022
TSMC predicts Q3 revenue boost thanks to increased iPhone 13 demand

TSMC predicts Q3 revenue boost thanks to increased iPhone 13 demand

July 15, 2022
Facebook to allow up to five profiles tied to one account

Facebook to allow up to five profiles tied to one account

July 15, 2022
Top 10 apps built and managed in Ghana

Top 10 apps built and managed in Ghana

July 15, 2022
MTN Group to Host the 2nd Edition of the MoMo API Hackathon

MTN Group to Host the 2nd Edition of the MoMo API Hackathon

July 15, 2022
KIOXIA Introduce JEDEC XFM Removable Storage with PCIe/NVMe Spec

KIOXIA Introduce JEDEC XFM Removable Storage with PCIe/NVMe Spec

July 15, 2022
  • Consumer Watch
  • Kids Page
  • Directory
  • Events
  • Reviews
Saturday, 28 January, 2023
  • Login
itechnewsonline.com
  • Home
  • Tech
  • Africa Tech
  • InfoSEC
  • Data Science
  • Data Storage
  • Business
  • Opinion
Subscription
Advertise
No Result
View All Result
itechnewsonline.com
No Result
View All Result

Naspers invests R54-million in South Africa’s Planet42

A car subscription company which is helping address transport inequality

by ITECHNEWS
December 21, 2021
in Africa Tech, Leading Stories
0 0
0
Naspers invests R54-million in South Africa’s Planet42

Naspers, through its early-stage tech investment vehicle Naspers Foundry, announced a R54 million ($3.4 million) investment in Planet42, a car subscription company addressing transport inequality. The investment is part of a R91 million ($5.8 million) equity round led by Naspers Foundry, alongside existing investors Change Ventures and Startup Wise Guys. Existing debt investors, such as the impact debt fund Lendable, added a further R380 million ($24 million) of debt. The investment in Planet42 is part of Naspers’s R1.4 billion commitment to grow South Africa’s early-stage tech ecosystem and the eighth investment since the launch of Naspers Foundry in 2019.

Planet42 was founded in 2017 and addresses transport inequality by offering an inclusive car subscription service to customers who typically cannot access traditional bank credit. In emerging markets, including South Africa, vehicle finance – and therefore vehicle ownership – is out of reach for most low and middle-income earners. This lack of access to reliable, efficient and safe transport can present enduring obstacles, perpetuating inequality and restricting economic mobility. Access to a personal vehicle at an affordable price can be life-changing and a way to level up quickly.

YOU MAY ALSO LIKE

Inaugural AfCFTA Conference on Women and Youth in Trade

Instagram fined €405m over children’s data privacy

Planet42’s proprietary scoring algorithms are the foundation from which the company is able to bridge this lending gap responsibly, using a wider range of data sources than traditional credit scores to assess risk in the underbanked customer segment. These algorithms determine a suitable budget for each customer and, based on this, subscribers can choose any new or pre-owned car from Planet42’s network of more than 700 local car dealerships. Planet42 buys the car and rents it out to the customer on a subscription basis. The offering enables customers to either buy or return the car to Planet42 at any time. Of the customers served so far, 89% would have had no other means of gaining access to a personal vehicle.

“At Naspers, we are passionate about building leading companies that empower people and enrich communities and we support Planet42’s mission to make a positive impact on people’s lives by addressing transport inequality. This investment builds on Naspers’s growing mobility portfolio, which includes WhereIsMyTransport, Autotrader and OLX Autos, among others.”

Phuthi Mahanyele-Dabengwa, South Africa CEO, Naspers

“We are delighted to be the first South African investor supporting Planet42 with its next phase of growth. Planet42 is an innovative solution to addressing transport inequality in South Africa and beyond and has the potential to unlock further economic participation. This fits in with our focus of backing purpose-driven technology businesses. Investing in Planet42 is consistent with the portfolio we’ve built to date and Naspers Foundry’s healthy pipeline of potential future investments.”

Fabian Whate, Head, Naspers Foundry

“Having access to a personal car is arguably a needless luxury in London but could change your life in a city like Johannesburg. A personal car means that you can get to work reliably or you can apply for that job that is farther away from your home. Planet42’s car subscription model is unique because we focus on the underbanked customer and the second-hand car. This has allowed us to outperform peers who operate in markets like Europe and the US, where car subscription is a solution to a problem that doesn’t really exist – most people can get a bank to buy a car for them. This funding is further proof that we’re on the right path in fighting transport inequality and promoting financial inclusion.”

Eerik Oja, CEO and Co-founder, Planet42

Since its founding in 2017, Planet42 has purchased more than 7,000 cars for people who are unable to access traditional bank credit. The simplicity and convenience of Planet42’s subscription model provides significant advantages over the traditional car retail approach for customers and dealers alike – dealers who work with Planet42 experience an average increase in sales of 26%.

In addition to its rapid growth in South Africa, Planet42 recently bought its first cars for clients in Mexico, a country of over 128 million people who face similar challenges stemming from transport inequality. A high proportion of Mexico’s population are under-banked, with limited access to credit due to a high reliance on cash only transactions.

The funds raised in this round will be used to expand Planet42’s car inventory in both South Africa and Mexico, putting the company on track to achieve its ambitious global goal of providing 1 million cars to people facing transport inequality by 2025.

Source: TechAfrica News
ShareTweetShare
Plugin Install : Subscribe Push Notification need OneSignal plugin to be installed.

Search

No Result
View All Result

Recent News

Inaugural AfCFTA Conference on Women and Youth in Trade

Inaugural AfCFTA Conference on Women and Youth in Trade

September 6, 2022
Instagram fined €405m over children’s data privacy

Instagram fined €405m over children’s data privacy

September 6, 2022
8 Most Common Causes of a Data Breach

5.7bn data entries found exposed on Chinese VPN

August 18, 2022

About What We Do

itechnewsonline.com

We bring you the best Premium Tech News.

Recent News With Image

Inaugural AfCFTA Conference on Women and Youth in Trade

Inaugural AfCFTA Conference on Women and Youth in Trade

September 6, 2022
Instagram fined €405m over children’s data privacy

Instagram fined €405m over children’s data privacy

September 6, 2022

Recent News

  • Inaugural AfCFTA Conference on Women and Youth in Trade September 6, 2022
  • Instagram fined €405m over children’s data privacy September 6, 2022
  • 5.7bn data entries found exposed on Chinese VPN August 18, 2022
  • Fibre optic interconnection linking Cameroon and Congo now operational July 15, 2022
  • Home
  • InfoSec
  • Opinion
  • Africa Tech
  • Data Storage

© 2021-2022 iTechNewsOnline.Com - Powered by BackUPDataSystems

No Result
View All Result
  • Home
  • Tech
  • Africa Tech
  • InfoSEC
  • Data Science
  • Data Storage
  • Business
  • Opinion

© 2021-2022 iTechNewsOnline.Com - Powered by BackUPDataSystems

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version