SOUTH AFRICA – Santam, a short-term insurer, has wholly acquired Kandua, an online marketplace company for home services.
Kandua will merge with Santam’s home service offering, Home+, forming a wholly owned, independent insurer subsidiary.
The Kandua.com website offers an online home-service marketplace that enables consumers to connect with, compare, and hire professionals across hundreds of service types, such as plumbers, electricians, carpenters, and more.
Service providers can use the ‘Kandua for Pros’ app to find new customers and easily manage their core business processes.
“Kandua’s talent, technology, and customer base are valuable assets for our business, as it opens up new avenues for client growth and digital innovation. The business has an established technology and extensive network of customers,” said Gloria Tapon-Njamo, CEO of Santam Partnership Solutions.
Santam Partnership Solutions, the Santam Group division, is focused on building partnerships across industries to develop innovative products, diversify revenue, and expand into untapped market segments.
“Critically, this is a strategic acquisition aimed at accelerating our digital innovation and expansion into new market segments,” she added.
“This acquisition expands Santam’s impact on informal artisans and small businesses through access to training, enabling business growth, job creation, financial inclusion, and introducing products tailored for their needs.”
Kandua for Business, a company division specifically catering to retailers and insurance companies, uses technology to make service integration into the value chain transparent and efficient.
Several large retailers and financial services currently use the service. Retailers can offer their customers professional installation services along with their home goods purchases. The insurance solution enables the same efficiency and transparency for insurance claims fulfillment.
Kandua was founded in 2014 by entrepreneurs Sayo Folawiyo and Arjun Khoosal to help small businesses grow by connecting professional services firms with consumers.
On average, Kandua connects over 40,000 vetted home service companies to about R50 million (US$2.7 million) worth of work opportunities from individual and business customers.
“Our vision is to make home service fulfillment seamless and equitable for service providers and the customers they serve, driven by trust and simplicity,” said Folawiyo, who will continue serving as Kandua’s CEO.
“We do this by using technology to make marketing and business operations easier for service providers, shortening the distance between having a skill and making a living. Being part of Santam accelerates this work.”
Earlier investors in Kandua include Knife Capital, Allan Gray E-Squared Ventures, the ASISA ESD Initiative, IDF Capital, and Catalyst Fund.
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