Sabi, a Nigerian business-to-business (B2B) e-commerce startup, has achieved an impressive milestone. The company’s CEO, Anu Adasolum, shared this news during the second day of TechCabal’s Moonshot Conference on October 12.
Sabi, founded in 2020 as a spinoff of Rensource, a company that provides energy services, helps merchants and resellers grow their businesses. It offers tools and services to connect them with new customers, improve their cash flow, and make their logistics smoother.
Sabi recently reached $1 billion in annual gross merchandise value (GMV) and has onboarded over 200,000 merchants.
Gross Merchandise Value (GMV) is a financial metric that represents the total value of goods or services sold through a particular platform over a specific time period.
GMV measures the total sales volume before factoring in things like discounts, returns, or refunds. In essence, it provides a snapshot of the total dollar value of all transactions occurring on the platform.
In Adasolum’s words, “We enable other businesses to grow. We create solutions across various industries to build commercial infrastructure. Our clients can access services, such as credit, logistics, and free software to track their sales.”
Nigeria’s informal economy is substantial, estimated at 57.7% of the GDP PPP, which is about $1,164 billion.
This sector includes more than 39 million small and medium-sized businesses that need efficient platforms to connect with customers and tools for better service.
Sabi aims to serve this underserved market by offering digital commerce infrastructure to Africa’s informal economy.
This e-commerce startup, which operates in Nigeria, Kenya and South Africa reportedly raised $38 million in Series B funding at a valuation of $300 million earlier this year.
Sabi is showing no signs of struggle, as it keeps boasting impressive growth numbers for a startup that has been in business for less than 4 years.