Kenyan entrepreneur Tesh Mbaabu’s startup shuts down B2B distribution unit after $40-million fundraise
Kenyan entrepreneur, Mbaabu, CEO of MarketForce, cited challenging profit margins and a funding drought as primary reasons behind the decision.
Kenyan entrepreneur, Mbaabu, CEO of MarketForce, cited challenging profit margins and a funding drought as primary reasons behind the decision.
This contrasts sharply with the $6.9-million profit he made between Feb. 14 and March 26 when the value of his I&M Bank Group stake soared from $23.47 million to $30.43 million.
The loan, marking an increase from the previous year’s advances, underscores Co-op Bank’s steadfast support for Kingdom Securities.
Pula’s successful fundraising round underscores the growing recognition of the vital role played by insurtech in bolstering climate resilience for smallholder farmers.
Mwangi, Kenya’s richest banker, holds a 3.38-percent stake in Equity Group. This equates to 127,809,180 ordinary shares.
The news of this substantial credit facility coincides with Narendra Raval’s decision to shift a significant portion of Devki Group’s business accounts to Stanbic Bank Kenya.
Partially owned by prominent Kenyan families such as Kenyatta, Merali, and Ndegwa, the conglomerate remains steadfast in strengthening operations within Kenya while expanding its footprint across the region.
Thanks to the surge in Britam shares, Mbaru’s stake in the Kenya-based diversified financial services group is worth Ksh748.8 million ($5.77 million).
The recent gain not only reinforces Mwangi’s standing as one of the top investors on the NSE but also strengthens his position as Kenya’s wealthiest banker.
The group kicked off its Kenyan expansion in mid-January with the inauguration of eight new branches.
The expansion follows a successful foray into life insurance in 2022 and subsequent approval from the Insurance Regulatory Authority (IRA) in May 2023 to establish a general insurance company.
The proposed dividend marks a significant milestone for the group and reflects its strong financial position.
This move, aimed at shoring up the unit’s liquidity, brings Britam’s total cash injection into the fund to Ksh6.9 billion ($53.1 million) as of December 2023.
Key shareholders, including prominent Kenyan business figures like Mbaru, Munga, Mwangi, and Michuki, lend further credence to the company’s standing.
With Mwangi at the helm, the conglomerate remains on course for sustainable expansion and prosperity within the African financial sector.
The recent uptrend in Jubilee shares has boosted the market value of Aga Khan’s stake in the insurer by Ksh481.15 million ($3.63 million) over the past 10 days.