Qotto, a solar kit provider with operations in Burkina Faso and Benin, is a Series A equity stake led by the IBL Group, a billion-dollar conglomerate headquartered in Mauritius with stakes in many sectors, including energy. Raised $8 million in debt round. , financial services, logistics, distribution, and engineering.
Existing investors from Off-Grid Energy Access Fund (FEI-OGEF), Cordaid and Qotto also participated in the round.
Qotto told TechCrunch that it plans to expand in its existing markets and expand to Ivory Coast, which will be operational by next month.
Founded in 2016, Qotto designs and distributes standalone solar kits and lanterns to individuals living in Africa’s least electrified regions. Through a Pay-to-Own model, we offer our products to individuals in sub-Saharan Africa due to the underdeveloped power grid in the country.
“For Côte d’Ivoire, with a consistent pace of development compared to the wider West African region, Qotto is ready to enter the market after testing and optimizing operations and services in Benin and Burkina Faso. Customers who have been able to try the Qotto express the need and desire for Qotto to enter the Côte d’Ivoire market.”
Qotto said IBL is also drawing up a roadmap for its expansion in East Africa after signing a partnership and agreeing to provide off-grid solutions in the region. The expansion, which will be implemented by September this year, will come in parallel with the expansion of IBL, which plans to “strengthen its position in East Africa and develop exposure to renewable energy.”
“We see great opportunities in the significant services Qotto offers and large-scale solar home system offerings,” said Lenoir.
The bid for growth follows the planned introduction of new products into markets including financial services and internet access hotspots as Qotto evolves into a comprehensive essential services provider.
“Our strength is that our local presence allows us to understand our customers and their needs and propose innovative products based on our technology platform,” he said.
Planned financial services include microinsurance, microcredit and microsavings products designed in collaboration with partners such as West Africa’s leading insurer SUNU. Qotto said it has already sold thousands of life insurance policies.
Internet hotspots are placed in high traffic areas such as shops, restaurants and bars.
“In sub-Saharan Africa, 650 million people do not have access to electricity. We have overlapping needs for solutions, connectivity and financial services,” said Lenoir.
“Our model helps us solve these key problems with a single solution – what we call ‘essential services’ underpinned by our own technology stack. Additionally, we are working with the SDG to serve our customers and improve our market impact metrics,” he said.
Renewable energy solutions from companies like Qotto are closing the energy access gap in the least electrified countries such as South Sudan, Burundi, Chad, Malawi, Burkina Faso, Madagascar and Tanzania. World population without access to electricity.
According to Qotto, revenue has grown 50% year-on-year, and by the end of last year it had 11,000 active customers, which it plans to more than double by the end of this year according to its growth plans.
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