PlentyWaka has reportedly acquired Ghana-based Stabus — an integration of bus hailing services consigned to improved transportation systems in Africa. PlentyWaka also revealed they have raised more than N500 million, which also includes the funds they secured from the Toronto-based Accelerator program.
Weeks after PlentyWaka gained success in Techstars Toronto Accelerator Program, the bus-hailing company had been able to fund its expansion across Africa. Starting with Ghana’s central city, Accra, PlentyWaka has been able to fully colonize Stabus, whereby the Ghanaian bus hailing company completely changed its brand name to PlentyWaka Ghana.
PlentyWaka is a Nigerian startup bus-hailing service, with a major branch in Ghana while its headquarters remain in Toronto Canada. Per their announcement, its Ghana branch business productivity will be managed by Isidore Kpotufe — who also revealed the bus hailing service in Ghana will commence on September 16th.
While Toronto remains PlentyWaka headquarters, the Nigerian bus-hailing company has reportedly received funds from several investors based in Canada, including Xchange, SOSV, Shock Ventures, etc. While the likes of Argentil Capital Partners and ODBA & Co Ventures are Nigerian-based venture capital that also participated in contributing investments for PlentyWaka’s growth.
Prior to these improvements, the startup has reportedly raised seeds to secure its business growth in Africa. The startup bus-hailing company started with major Nigerian cities before installing its headquarters in Toronto — the Techstars Accelerator program also influenced siting PlentyWaka’s headquarter in Canada.
“When we first launched Plentywaka, we wanted to base it out of Nigeria originally. As part of that process, we got into Techstars Toronto. The plan was to allow us to establish in Toronto and be able to do our business from Toronto. At some point, we considered starting operations there but we agreed that Africa is our strong point and we will focus on Africa.”
During the 2020 pandemic, they encountered a major setback that lasted for months of dormant business productivity. While this series of funds they newly secured have been schemes “to build the largest shared-mobility company in Africa. We have decided to first expand to other countries in West Africa and from here we will go to other African regions.”
Per PlentyWaka’s Co-Founder & CEO, Onyeka Akumah announcement, “this funds will be channeled on aggressive marketing to get more customers to experience the seamless quality we offer in over 24 cities in Nigeria as well as in our latest Ghanaian market.”
The startup bus-hailing company has had an all-time two-year existence since they launch its corporate affairs in its domestic country. PlentyWaka has registered over a thousand vehicles, while it has commutes over 480,000 successful trips.
Just as the Nigerian bus hailing service secured the Ghanaian transportation marketplace, the Nigerian startup bus hailing company also targets six other stable African economies to further its expansion.
Per Onyeka’s comment on PlentyWaka’s latest accomplishment, the startup bus hailing service will expand across its targeted market offering low-cost transport services with premium vehicles.