Composite retail chain secures $70 million investment

According to various media reports, composite online and offline retail chain, Yudala, has secured about $70 million in investment from a group of foreign investors.

The investment is expected to help the company further expand its operation across the country in anticipation of the yuletide season.

Reports also reveal that the company recently acquired a few drones and is working with some partners in Asia to develop and deploy these drones as a means of combating traffic grid locks in major cities in Nigeria.

The company has also launched a platform called Yuboss, a scheme which supports a league of emerging entrepreneurs.

READ: New online retail company to integrate online and offline retail

“We are offering people a chance to become millionaires without investing a dime. We have test run the scheme for one month and I can confirm that a young lady, one Mrs. Tina George who stays close to our office was paid over a N100, 000 commission last week for a 10 day effort in selling from our inventory. Her only investment was her commitment. This is the way new economies are built,” said Sam Ojo, Chairman of Yudala, on the Yuboss initiative according to Nigeria CommunicationsWeek.

Since it launched, Yudala has already set up 14 stores across the country and is planning to open more before the end of the year.