Sabi, a Nigerian B2B platform, has achieved an annual GMV (Gross Merchandise Value) of $1 billion. Anu Adedoyin Adasolum, the CEO, shared this milestone during the second day of the Moonshot by TechCabal event.
Sabi, founded in Nigeria, operates as a B2B platform, empowering merchants with tools to enhance their business growth. The company recently celebrated surpassing $1 billion in annualised GMV. This achievement was highlighted by Anu Adedoyin Adasolum, the CEO, during a discussion with Tomiwa Alakademo, CEO of Big Cabal Media, at TechCabal’s flagship Moonshot Conference on October 12.
Launched in 2020 as a spinoff of Resource, an African energy company specialising in power-as-a-service solutions, Sabi offers merchants and resellers a range of business tools and services. These resources help them expand their customer base, optimise cash flow, and streamline logistics. In 2021, Sabi secured $6 million in funding in a round led by CRE Venture Capital, which had also participated in Sabi’s $2 million seed round in 2020.
Adasolum elaborated on Sabi’s mission: “We are a platform that empowers other businesses to grow. We develop interventions across various value chains that contribute to commercial infrastructure. Being a Sabi client means gaining access to services. This can include accessing credit and working capital, utilising our logistics services, and utilising free software to track sales.”
Data from World Economics reveals that Nigeria’s informal economy is estimated to constitute 57.7% of the country’s GDP at PPP (Purchasing Power Parity) levels, amounting to $1,164 billion. This informal sector comprises over 39 million micro, small, and medium-sized enterprises, all requiring efficient platforms to connect with potential and existing customers and tools to enhance their service capabilities.
Adasolum emphasised that Sabi is addressing this issue by providing tailored solutions to fill market gaps, emphasising their role in serving an underserved market beyond the conventional perception of a B2B marketplace.
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