Massmart Reaches Agreement to Acquire OneCart
Further to the SENS released on the 25 August 2021, Massmart is pleased to announce that it has reached agreement to acquire 87.5% of the issued shares in OneCart.
As a fast-moving consumer goods marketplace and logistics platform, OneCart partners with leading retailers in South Africa to enable fast, flexible and efficient online sales and home delivery to consumers across the country. This transaction adds another dimension to Massmart’s omni-channel retail offering and enhances their strategy of meeting customers where they want to be met.
Commenting on the announcement, Vice-President: Group eCommerce at Massmart, Sylvester John said: “We are excited by the opportunities that this acquisition presents. eCommerce continues to grow rapidly, both in South Africa and for Massmart, contributing up to 3-4% participation in overall retail sales. We don’t expect this growth trend to change and have embarked on implementing the fundamental building blocks required for a strong ecommerce offering. This includes, but is not limited to, on demand retail.
The platform provides consumers access to a host of complimentary product categories via a single shopping interface, allowing the Company to further expand its capabilities in the fast growing on-demand delivery segment, while continuing to support the independent retailer marketplace model of OneCart.
It is our intention to maintain and grow the diverse and competitive retail composition of the OneCart platform whilst also investing significantly in the underlying technical platform, in-store picking processes and last mile distribution toward further enhancing the customer experience. We look forward to supporting and learning from the team at OneCart and expanding our ability to serve customers more effectively,” concluded John.
Closure of the Transaction will be dependent on finalization of customary final approvals and suspensive conditions.