Chari: Revolutionizing B2B E-Commerce and Fintech Services in Francophone Africa

October 21, 2022 1sirc

Founded in 2020 by Ismael Belkhayat and headquartered in Casablanca, Morocco, Chari is a trailblazing B2B e-commerce and fintech platform transforming how small retailers across Francophone Africa procure goods and access financial services.

Innovative Solutions for Traditional Retailers

Chari offers a user-friendly mobile application that enables traditional proximity stores to order a wide range of fast-moving consumer goods (FMCGs) directly from manufacturers and distributors. Retailers benefit from free delivery within 24 hours, ensuring timely restocking and operational efficiency.

Expansion into Financial Services

Beyond product procurement, Chari has expanded into fintech by providing embedded financial services, including microloans and payment solutions. This strategic move addresses the financial challenges faced by small retailers, offering them the necessary capital to grow their businesses.

Impressive Growth and Recognition

Chari’s innovative approach has garnered significant attention and investment:

Seed Funding Success: In October 2021, Chari raised $5 million in a seed funding round, valuing the company at $70 million.
Increased Valuation: By January 2022, Chari’s valuation soared to $100 million following a bridge funding round, reflecting investor confidence in its business model and growth prospects.
International Recognition: The company has been acknowledged as one of the fastest-growing businesses in Africa, underscoring its impact on the continent’s e-commerce and fintech sectors.

Strategic Acquisitions and Partnerships

To bolster its services and expand its reach, Chari has engaged in strategic acquisitions and partnerships:

Acquisition of Karny.ma: In 2021, Chari acquired Karny.ma, a mobile credit book app, enhancing its fintech capabilities and offering retailers more comprehensive financial tools.
Expansion into Ivory Coast: In June 2022, Chari acquired the Ivorian B2B e-commerce platform Diago, marking its entry into the West African market and demonstrating its commitment to regional growth.

Commitment to Empowering Retailers

At its core, Chari is dedicated to empowering small retailers by simplifying inventory procurement and providing access to financial services. By leveraging technology, Chari addresses the challenges faced by traditional retailers, fostering economic growth and stability within local communities.

Future Outlook

With its innovative solutions and strategic initiatives, Chari is well-positioned to continue its expansion across Africa, driving digital transformation in the retail sector and contributing to the continent’s economic development.