Tina Mart Kicks Off With $150K Pre-Seed Investment from Singapore-Based Penantran Group

An Ethiopian e-commerce platform, which debuted less than a month ago, has kicked off operations backed by $150,000 pre-seed investment from the Singapore-based Penantran Group for a 10% stake. Tina Mart, the latest digital product by serial entrepreneur Ezedin Kamil, CEO of Hex Labs Technology PLC, looks to overcome prevailing challenges in the sector with a targeted approach. The B2B (Business to Business) platform specializes in apparel, textiles, and accessories by linking vendors across the country.

Ezedin says the financing stemmed from a conversation with Penantran CEO David Halpert, who was looking for a promising idea to invest in. The two met at the 2^nd Indonesia-Africa forum (IAF) in Bali and discussed the prospects of a fresh approach to e-commerce in Ethiopia.

“They wired the money within a few days,” Ezedin told Shega.

Tina Mart requires vendors to enter a series of conditions like returnability of items within four days, adherence to business licensing requirements and adequate inventory to access the platform. A seven percent commission fee is charged by the platform which looks to guarantee delivery within two days. Tolo Logistics Services is third party partner that will facilitate delivery services.

“Payments to vendors will be processed within eight days,” says TinaMart’s founder.

Penantran has investments in over 20 startups across the globe which are engaged in several industries including fintech, communications and industrial automation. The family investment organization will provide marketing strategies, international expertise and help streamline operations at Tina Mart. The platform has already integrated with the telebirr mobile service and is currently in talks with major banks, according to the CEO.

“We will soon add buy now pay later options,” he says.

While the platform has gained early traction with over a thousand downloads from the Play Store, e-commerce has remained a challenging sector for many Ethiopian firms. A recent E-commerce Ecosystem Report indicated that 58% of e-commerce platforms in Ethiopia have annual revenue and transaction volume below $10,000. Furthermore, many firms struggle to create a coherent strategy for value creation, making it difficult to navigate market complexities and identify potential revenue streams, which ultimately affects their financial sustainability.

However, Ezedin believes that Tina Mart’s focus on apparel and textiles alongside its customer centric approach will help it navigate challenges in the sector. The 23-year-old entrepreneur has received significant public attention over the past few years for his software-as-a-service business. The e-commerce platform is currently operating in the capital with plans to expand into the rest of Ethiopia.

The above article has been edited after initial publication.