Absa Group acquires minority stake in agritech start-up Khula!App. khulaecosystem acquisitions SMEs start-ups agritech
In a statement, Absa Group head of AgriBusiness Abrie Rautenbach says the acquisition will enhance the bank’s agriculture proposition for small and medium enterprises.
“Amid efforts to continue building lasting relationships with our stakeholders, we are excited to further cement our relationship with Khula,” comments Faisal Mkhize, chief executive for relationship banking at Absa Group. The app creates "one big virtual farm" consisting of multiple emerging farms, to crowd-source and deliver on bulk orders from supermarkets, restaurant chains and for home delivery.received a $1.3 million seed round to scale operations across SA.
“The decision to add Absa to our capitalisation table is a very strategic and long-term decision. We are aligned in our interests and how we see the industry transforming over the next few years.”
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