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Mondo Ride CEO banks on rapid urbanisation in Africa

Mondo Ride CEO banks on rapid urbanisation in Africa

Troels Andersen, CEO and Co-founder of Kenyan taxi-hailing company Mondo Ride, is pinning his hopes on rapid urbanisation and population growth across Africa for the successful execution of expansion plans on the continent.

Andersen, who has been at the helm of Mondo Ride since it started providing its services to Kenyans two years ago, says growing city populations means that they can expand their technology, operations and reach in Africa.

"With the high urbanisation rates seen in many African countries, having private companies help move people more efficiently, safely and conveniently we see it as a very positive development. Globally, the ride-hailing market has grown to US$36bn in the last eight years and is expected to reach US$285bn by the year 2030. Africa will have its share in the growth. Currently, there is a rapid population growth and urbanisation all over Africa and yet limited job and wealth creation. The middle class is expanding and still marginalised due to lack of mobility. By 2050, more than 50% of the African population will be living in cities and the now considered lower income class will transition into the middle class. These all factors create a big need for logistical solutions in the African market."

Andersen also reveals that Mondo Ride will raise more funds for the expansion drive after it managed to add US$2 million to its coffers and bring its seed investment to a total of US$5 million last week.

"We are working towards raising another round of funding. Our current investors are from Africa and the Middle East. One of our lead shareholders is iSON, which is the largest IT/ITES group in Africa. They support us financially, operationally, and strategically. This has shown us that there is an appetite in the investment partners in Africa to work with tech start-ups."

Anderson says Mondo Ride differentiates itself through unique services like its call centre, which is a by-product of the realisation that localisation is the key to success in Africa.

"Our call centre is a very integral part of the business and has been a very active support to our clients and drivers. Corporate and individual customers equally rely on the call centre support in times of a no data situation or when they are in a remote location where there is no transport available. Call centre also helps when you have to make a pre-booking or book multiple rides. It works as a support function to everyone who needs help during the ride."

Mondo Ride has experienced double-digit monthly revenue growth over the last two years according to Andersen, and now has 6,000 drivers who have signed onto the platform.

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