The biggest retailer in East Africa in terms of outlets, Nakumatt Holdings Ltd, is now seeking to raise investments totalling US$50 million to expand its store reach in the next four years. This is the plan according to Managing Director Atul Shah.
Nakumatt has forty separate outlets located in Kenya, Rwanda, Tanzania and Uganda totalling a floor space of 1.5 million square feet. The plan is to open five additional stores in two new countries. The plans were unveiled by Shah in an interview held in Nairobi last week.
Nakumatt is based out of Nairobi, Kenya and has products ranging from furniture to electronics in its stores for sale. Shah said, "We are in the process of opening four additional stores in Uganda and one more in Kenya and intend to use part of the funds to enter new markets with immediate targets being South Sudan and Burundi."
As for the investors for the venture, Shah said, "We are evaluating the best financing model to adopt." He declined to identify the parties involved in discussions.
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