7 Kenyan companies feature on the Financial Times‘ ranking of the 50 fastest growing companies on the continent in 2023, down from 10 in 2022. Business Today looks at the companies, their growth and their ventures across various sectors.
Wasoko was ranked by FT as the third-fastest growing company in Africa in 2023, having previously been ranked as the continent’s fastest growing company in 2022. The retail startup enables retailers to conveniently have goods delivered to their shops, while also offering them access to growth financing.
Its revenues grew from $3.4 million in 2018 to $136.9 million in 2021, with its employees rising over the same period from 104 to 1490.
2. Africa Healthcare Network
Africa Healthcare Network describes itself as “the first and largest dialysis chain across Sub-Saharan Africa, providing high-quality, life-saving dialysis at affordable cost.” The seven year-old company was ranked by FT as the 13th fastest growing in Africa.
It is present in Kenya, Tanzania, Rwanda and Mauritius. The company saw it revenues grow from $0.7 million in 2018 to $5.4 million in 2021, with its team increasing over the same period to 272 from 51.
3. Victory Farms
Victory Farms describes itself as “Sub-Saharan Africa’s fastest growing fish farm”. Headquartered in Kenya, the aquaculture company in May 2022 raised $5 million in equity funding to expand its operations into Rwanda, Tanzania and the Democratic Republic of Congo (DRC).
It has been ranked by FT as the 15th fastest growing company in Africa, with its revenues growing from $2.8 million in 2018 to $17.3 million in 2021, with its employees increasing to 563 from 317 over the same period.
4. Lipa Later
Buy Now Pay Later (BNPL) company Lipa Later was ranked as the 16th fastest growing company on the continent. It is present in Kenya, Nigeria, Uganda and Rwanda. The company grew its revenues from $0.6 million in 2018 to $3.5 million in 2021.
Lipa Later enables users to buy goods at various outlets and pay in monthly installments.
5. Poa Internet
Poa Internet has been ranked as the 21st fastest growing company in Africa. Focused on delivering internet to underserved communities, it currently has over 10,000 free Wi-Fi hotspots. Its revenues grew from $0.3 million in 2018 to $1.5 million in 2021.
Copia was rated as the 35th fastest growing company in Africa. The ecommerce service allows users to shop for goods and send them to rural and peri-urban areas for free. It utilizes a network of agents, mostly small businesses.
Copia grew its revenues from $8.9 million in 2018 to $30.1 million in 2021. Over the same period, its employees grew to 659 from 190.
M-Kopa, the second buy now pay later company on this list, has seen its revenues grow from $58.3 million in 2018 to $142.9 million in 2021. It offers financing for products including solar lighting, televisions, fridges, smartphones & financial services.