Cash-flush Naspers to invest R4.6bn in SA’s tech sector and black-owned start-ups
Naspers is sitting on a large cash pile after trimming its stake in China’s Tencent and selling its investment in India’s Flipkart
Cash-flush Naspers says it will invest R4.6bn in SA’s technology sector over the next three years, partly through a new fund that will put money behind black-owned start-ups. The group made the announcement on Friday at SA’s inaugural investment conference, where companies pledged new investments worth a total of more than R100bn. Naspers is sitting on a large cash pile after trimming its stake in China’s Tencent and selling its investment in India’s Flipkart. Thanks to those sales, the group has about $10bn on its books. About a fifth of that will go towards buying out minority shareholders of underlying group companies, while the rest will go towards new growth opportunities, particularly in classifieds, online food delivery and fintech, management has said. Naspers said on Friday that over the next three years, it would spend R3.2bn on the development of its existing technology businesses in SA, including OLX, Takealot and online food delivery service Mr D Food. It would also lau...
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