Qotto has raised an estimated $8 million in Series A equity-debt round to expand to more African nation. Qotto is a cleantech startup established in 2016. It produces and sells standalone solar kits and lamps to residents of Africa’s least-electrified regions.
Through a pay-to-own business strategy, Qotto offers its products to people in Sub-Saharan Africa who are off national power grids.
Co-Founder and President Jean-Baptiste Lenoir comments on the company’s expansion to Ivory Coast, saying that “For Ivory Coast, due to its consistent pace of development relative to the broader West Africa region, and after having tested and optimised operations and services in Benin and Burkina Faso, Qotto is well prepared for a market entry.”
Following the plan to provide a number of new goods, including internet hotspots, micro-insurance, micro-credit, micro-savings products, and other crucial services, Qotto has now submitted an expansion bid.
Additionally, he claims that consumers who have had the chance to test Qotto items around the country wished that it becomes abundantly available.
The business intends to install its internet hotspots in crowded locations including shops, restaurants, and bars.
According to Qotto, IBL, one of its foremost investors, is also creating its expansion plan for East Africa in the wake of a cooperation and an agreement to offer off-grid solutions in the area.
The growth will be in line with IBL’s goals to “strengthen its position in East Africa and develop its exposure to renewable energies” by September 2023.
Qotto reports a 50% year-over-year rise in revenue. It had 11,000 active subscribers at the end of last year, and if its development goals materialize, the revenue should be more than 100% this year.