Kenya: Refurbished mobile phone company raises funding from Proparco
French development finance institution Proparco has granted Kenya-based Badili a $400,000 loan.
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French development finance institution Proparco has granted Kenya-based Badili a $400,000 loan, through its Bridge facility. Badili offers refurbished smartphones, providing consumers with affordable devices.
Proparco’s Bridge facility enables African companies to benefit from bridging finance of up to 24 months to accelerate their development between two rounds of financing.
Rishabh Lawania, founder and CEO at Badili said, “Getting validation and trust from Proparco is a great boost to the morale of the team that is building a sustainable company that enables Africans to own smartphones for a fraction of the cost of a new one. As we enter into the phase of profitability and expansion into other regions across Africa; it’s a great pleasure to welcome one of the most progressive and supportive DFIs in the world as a part of Badili’s billion dollar journey.”
Fabrice Perez, head of the venture capital division at Proparco, commented: “Badili’s initiative to refurbishing smartphones locally in Kenya is a game-changer. This project not only promotes economic resilience but also underscores the importance of sustainability in today’s digital economy. Proparco is proud to support a venture that directly aligns with our objectives of fostering environmental responsibility, economic opportunity, and social inclusion in Africa.”
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