One of Kenya’s leading retail stores, Naivas, has secured a $15 million (KSh1.59 Bn) investment from the International Finance Corporation (IFC). The large investment is a sign of confidence in the retailer even as its peers struggle to remain in business.
Naivas is a three-decade-old family-owned business with stores in every region in Kenya. The retailer operates more than 60 stores throughout the country, with annual revenue of approximately KSh60 billion according to a retail expert in Nairobi.
IFC is partnering with French firm Amethis, German company DEG, and Mauritian MCB Fund in investing in the Kenyan supermarket chain.
Owners of the retail chain intend to keep a majority stake in the company after the investment.
A statement on the IFC website as quoted by Bloomberg’s Eric Ombok says, “Mukuha family to remain main shareholders of Naivas after ceding stake to special purpose vehicle owned by IFC, Amethis and other co-investors.”