Kenya-Based Badili Raises Seed Round Led By E3 Capital
Badili, the first re-commerce platform in Africa, has successfully raised a seed round of funding. The investment was led by E3 Capital, and the amount has not been disclosed yet. Both existing and new investors, including Renew Capital and Grenfell Holdings, participated in the round. This funding round comes after a year of Badili’s Pre-seed funding round.
Co-founded by Rishabh Lawania & Keshu Dubey in 2021, Badili expanded into two more strategic markets last year, including Uganda and Tanzania. A few months ago, the startup announced its partnership with Airtel Uganda after successfully completing its pilot run in the market. The company now offers refurbished smartphones available through Airtel outlets in Kenya, Uganda, and Tanzania, as well as on online channels via other partners like Copia and Jumia.
Rishabh Lawania, CEO and Co-Founder of Badili commented, “E3 Capital is one of the few rare African VC firms that have seen the rise of the African business ecosystem from a nascent stage, and it’s a matter of pride for us at Badili to welcome a seasoned VC firm as a lead of our latest seed round. I am certain that this partnership will make a huge impact on our business as well as the lives of our thousands of aspirational African consumers who are looking to buy really affordable and carbon-neutral consumer electronics.”
Badili’s recently secured funding will allow the company to strengthen its operational efficiency and expand its reach in current markets. The startup plans to accomplish this by bringing on board new talent to help scale its operations and work towards stabilizing unit economics. These efforts will help Badili to continue its innovative work and strengthen its position in the industry.
Paras Patel, Managing Partner at E3 Capital, stated, “Supporting Badili Africa, aligns with our ethos of fostering digital innovation while advocating for environmental sustainability. It’s noteworthy that refurbished phones reduce associated CO2eq emissions by 87% compared to new phones, underscoring the positive climate impact of Badili’s business model. In just a short period, we have been impressed by Badili ’s ability to scale the business model in Kenya, Uganda and Tanzania, striking partnerships with key stakeholders in the eco-system.”
E3 Capital, previously known as Energy Access Ventures, invests between USD 250 K and USD 10 M in companies with digitised, decentralised, and decarbonised business models. Last year, E3 Capital made investments in three African companies, namely Nuru, Mawingu and Untapped Global. After successfully deploying its Euro 75 M (USD 82 M) EAV- Fund I, E3 Capital partnered with Cygnum Capital to launch Euro 150 M (USD 164 M) E3 Low Carbon Economy Fund I.
