KENYA – Lipa Later, a payment option that allows customers to purchase commodities through affordable monthly instalments has on-boarded Hotpoint as a new retail partner.
Hotpoint appliances is Kenya’s premier supplier of Home Appliances and Electronics.
“We are always listening to our consumers’ needs and requests and strive to make sure we have the right partners for the different products our customers are seeking,” Lipa Later’s CEO, Eric Muli, said.
“We are very happy to be onboarding Hotpoint Appliances and the range of different household and electronic products they bring to the table.”
Hotpoint Appliances Ltd was established in 1984 with its first store located in the Sarit Centre shopping mall in Nairobi.
Currently, they have 9 stores across Kenya and a fully-fledged online store selling a wide range of global brands including LG, Samsung, Bosch, Ariston, Kenwood, Delonghi, Nutribullet, Nutricook and their own Von offering consumers the global brands choice under one roof.
Hotpoint Appliances have a range that includes TVs and Home Entertainment, Fridges and Freezers, Cookers and Ovens, Small Kitchen and Home Appliances, among others.
Over the last year, they have introduced a range of customer aspirational experience products such as JBL, Apple, and Nikon in an endeavour to ensure that the consumer gets the very best of choice from them.
According to Research & Markets, the Kenya home appliances Market attained a value of US$184.48 Million in 2018 which is expected to increase to US$363.92 Million by the end of 2027 growing at a CAGR of 7.88%.
The demand for home appliances in Kenya is increasing on account of significant rise in per capita disposable income coupled with an influx of high-end appliances in the country.
Additionally, demand has been growing due to the significant growth in the working women population, driving the demand for appliances such as Washing machines and Refrigerators that make life easier.
Earlier this year, Lipa Later raised US$12 million from a consortium of investors. The funding was a mix of equity and debt, will help Lipa Later expand within its current markets (Kenya, Uganda, Rwanda) and into new markets such as Nigeria, Ghana and Tanzania.
Lipa Later was to use the funding to provide its Buy-Now-Pay-Later services to its substantial current pipeline of consumers supporting Lipa’s exclusive partnerships with world-class merchants in Sub-Saharan Africa.
Lipa Later, which started in Kenya in 2018 has built a reputation for delivering value for its investors right from its early days; the company’s recent round of funding attracted backing from Cauris Finance, Lateral Frontiers Ventures, GreenHouse Capital, SOSV IV LLC, Sayani Investments and Axian Financial Services.