MICROCAPITAL BRIEF: Planet42 of South Africa Raises $3.4m in Equity from Naspers, Expanding into Mexico

Planet42, a financier of vehicles that is based in South Africa, recently acquired USD 3.4 million in equity funding from Naspers Foundry, a unit of the global technology investor Naspers, which is also based in South Africa. Meanwhile, Planet42 is establishing its operations in Mexico, where it is implementing the same rent-to-buy model for unbanked vehicle buyers that it offers in South Africa. As of January 2022 since its founding in 2017, Planet42 has financed 7,000 cars through 700 car dealerships. Neither the size of the stake the firm sold to Naspers nor its financial statements have been released.

Verdant Capital facilitated the deal. Verdant, which has offices in the Democratic Republic of Congo, Ghana, Mauritius and South Africa, provides capital raising and financial advisory services as well as assisting in mergers and acquisitions.

Naspers was established in 1915 and reported profits of USD 7.3 billion on assets of USD 54 billion for the year ending March 2021.

By Adhya Singh, Research Associate

Sources and Additional Resources

Verdant Capital press release
https://verdant-cap.com/verdant-capital-arranges-usd-3-4-million-equity-capital-raise-for-planet42/

Planet 42 homepage
https://planet42.com/

Naspers homepage
https://www.naspers.com/

Naspers financial statements
https://presspage-production-content.s3.amazonaws.com/uploads/2659/2.naspersfinancialresultsfy21booklet.pdf?10000

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