10 Kenyan companies are among 75 Africa-based firms on the Financial Times’ list of the continent’s fastest growing companies in 2022.
Companies on the list were ranked based on the highest annual compounded growth in revenues (CAGR) between 2017 and 2020.
Notably, Kenya’s Wasoko (formerly SokoWatch) was crowned the fastest growing company on the continent. Their platform allows micro retailers to stock up their stores via digital channels with free same-day delivery, and offers them customised lines of credit.
Wasoko grew its revenues from $0.3 million in 2017 to $27.4 million in 2020. The number of employees increased from 57 to 372 over the same period.
Wasoko’s CAGR stood at 346.2%, head and shoulders above the rest of the companies on the list.
Earlier in 2022 Wasoko announced the close of a $125 million (Ksh14.29 Billion) Series B equity round, the largest venture financing round ever raised for a non-fintech startup in Africa.
It brought the firm’s valuation to $625 million, inching it closer to unicorn status.
Flocash, a Kenyan fintech startup, ranked second on the list of the continent’s fastest growing companies with a CAGR of 274.7%.
It enables merchants to accept over 200 local payment options in 39 African countries.
The next Kenyan firm on the list was Lori Systems which ranked seventh. It is an e-logistics platform focused on making cargo transportation more efficient in frontier markets.
Retail chain Quickmart was ranked the 11th fastest growing company in Africa. The firm has been on a major expansion spree in Kenya in recent years.
Quickmart revenues hit $162.1 million in 2020 up from $40.4 million in 2017.
Communication solutions firm Africa’s Talking was ranked 13th. Ecommerce firm Copia Kenya was ranked 20th.
Other Kenyan firms on the list were payments startup ASA Kenya, agricultural commodities firm East Africa Business Company, fintech M-Kopa and information systems consultancy Impax Business Solutions.