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TechCabal Daily, 801 – Airtel Africa sets share price, targets a £3.6 billion valuation in London IPO

18th June 2019
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18 – 06 – 2019

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Ethiopian ride-hailing taxi app, ZayRide is expanding into West Africa. The company is starting operations in Liberia with 200 cars by August 2019 in collaboration with a local firm, Hak Technologies. Launched in 2016, ZayRide is one of three major ride-hailing companies in the country where leading services including Uber and Bolt, don’t currently operate in. Zayride is looking to also launch in Guinea, Cote d’Ivoire and Kenya in the future.

Farmerline, a Ghanaian agritech company has secured grant funding from the African Development Bank’s US$23 million Agriculture Fast Track Fund. The company is one of 17 beneficiaries of the fund and will use part of the money to fund product research and development. Farmerline helps smallholder farmers easily access financial services, information and farm inputs through their mobile phones.

Spanish delivery startup Glovo has reportedly relaunched in Egypt after it previously exited in April. Glovo exited the country despite acquiring significant market share within a year of its operations. The Competition Authority asked the company to relaunch after it accused it of reaching a market allocation agreement with Delivery Hero which acquired a 16% stake in the company in 2018.

TechCabal’s paid report, The State of HealthTech in Nigeria profiles 75 active and 15 inactive health tech startups across 12 subsectors. It further examines the challenges these startups face, the opportunities in the space and makes actionable recommendations for entrepreneurs, investors, and regulators to consider. Get the report here.

Nigeria-based ICT company, Inlaks has set-up an innovation lab for fintech startups called thehatch. The lab will provide fintechs with training, capital and other resources they need to succeed. Inlaks is kicking off the launch of the lab with a hackathon themed “Shaping the future of Insurance”. Startups with insurance solutions can apply here before July 3.

Airtel Africa has set the share price for its planned listing on the London Stock Exchange at 80 to 100 pence per share. The telco is expected to raise £595 million ($749.05 million) through the IPO and is targeting a valuation of about £3.62 billion. Airtel also plans to list on the Nigerian Stock Exchange at the same time as the London listing. Its major competitor, MTN recently listed by introduction on the Nigerian Stock Exchange amidst accusations of share manipulation and an investigation by the Economic and Financial Crimes Commission.

Buycoins Africa is looking for a Senior Frontend Developer. The ideal candidate will have a good understanding of the fundamentals (HTML, CSS, JS) and a passion for crafting excellent UIs. If this is you, apply here.

Paystack’s CEO, Shola Akinlade will be speaking at the June edition of Hub One’s Epic Hour about building high growth startups. The event holds in Lagos on June 28 by 5 pm. Find out more and register here to attend.

Africa Needs More Angel Investors by Meghan McCormick for Forbes

From TechCabal

+  Highlights from the TechMoney Africa Summit in Lagos

+  How Truckr Won Pitch2Win’s One Million Naira Equity Free Funding

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– Olanrewaju

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