Jiji, the popular online marketplace based in Lagos, has just made a massive move. It has bought Bikroy, the biggest website for buying and selling used goods in Bangladesh.
This is a huge deal because it is Jiji’s first time buying a company outside of Africa. It happened just 13 months after Jiji first started doing business in Bangladesh.
Jiji’s “Win Then Buy” Strategy
Jiji has a very specific way of growing. First, they enter a new country and compete with the biggest local company. Once they have built a strong name for themselves, they simply buy their biggest competitor.
This is the third time Jiji has done this:
1. 2019: They bought OLX in Nigeria, Kenya, and three other African countries.
2. 2022: They bought Tonaton in Ghana.
3. 2026: They have now bought Bikroy in Bangladesh.
Jiji’s CEO, Anton Volianskyi, says this is a planned strategy. They test the market first, and if they see a good opportunity, they buy the leader to become number one quickly.
Why Bangladesh?
You might wonder why a Nigerian company is interested in a country in South Asia.
Bangladesh is a lot like Nigeria. It has a huge population (about 175 million people) and millions of people are using the internet for the first time. The online shopping market there is expected to grow to over $12 billion in the next few years.
What Changes for Bikroy Users?
If you use Bikroy, don’t worry the name is staying the same. Jiji says the “Bikroy” brand is very strong and people trust it, so they won’t change it. However, some things behind the scenes will change:
• New Technology: The website and app will move to Jiji’s faster technology.
• Better for Sellers: Businesses will have new ways to promote their items so more buyers can see them.
• More Ads: Jiji plans to spend a lot of money on marketing to bring more shoppers to the platform.
• Local Jobs: The local team in Bangladesh will keep their jobs but will now work for Jiji.
Jiji by the Numbers
Jiji is growing incredibly fast. Here is a look at how big the company has become:
• Users: Over 90 million people use Jiji every year.
• Money: The total value of goods sold on the platform is about $70 billion annually.
• Countries: They are the leaders in six “core” African countries, including Nigeria and Kenya, and now they are leaders in Bangladesh too.
