Droppa, a Johannesburg based on-demand platform for trucks and bakkies, has secured a multi-million rand investment from SA investor IDF Capital.
Droppa CEO Khathutshelo Mufamadi (pictured above), a former computer engineer who previously worked at Rand Merchant Bank and Standard Bank, founded the startup in 2016.
Mufamadi said the deal, which was concluded two weeks ago, is in the form of a convertible note. He would not disclose the amount that IDF Capital had invested in the startup or the stake that the investor had taken, but when pressed by Ventureburn conceded that it was over R5-million.
IDF Capital CEO Polo Leteka was not immediately available for comment.
The web platform and app allows members of the public, and now retailers too, to source trucks and bakkies to deliver goods on their behalf.
When pressed Droppa founder Khathutshelo Mufamadi said IDF Capital’s investment was above R5m
Droppa levies a 15% commission on whatever bakkie and truck operators using the platform charge the end customer. Drivers using the platform charge between R300 and R2000 per load, with the charge depending on the size of the load.
About 300 drivers, from the Western Cape and Gauteng (where the startup currently operates) Click here to read entire article
Source:: Venture Burn
