By Merit Ibe
Kawai Technologies Ltd has been ranked the 8th among Africa’s fastest growing companies in 2022 by the Financial Times (FT).
The inaugural FT list was compiled with statistica, a research company and ranked African companies by their Compound Annual Growth Rate (CAGR) in revenue between 2017 and 2020.
It provides a snapshot of corporate landscape on a continent where technology, Fintech and support- service business have had to adapt to a radically altered environment.
According to FT, chief among the recent challenges has been operating within the tough restrictions introduced by many African governments to combat Covid-19.
Africa’s Fastest Growing Companies 2022 lists 75 companies, ordered by the highest compound annual growth (CAGR) in revenues between 2017 and 2020, based on the criteria.
The ranking was created through a complex procedure. Although the search was extensive, the list is not exhaustive as some companies did not want to make their figures public or did not participate for other reasons.
Statista identified thousands of companies in Africa as potential candidates for the ranking, through research in company databases and other public sources. These companies were invited to participate in the competition by post and email.
Wasoko, formerly Sokowatch, which heads the ranking, is one of the several companies on the continent seeking to cut the cost of doing business in the massive informal commerce sector by helping to deliver goods to traders more efficiently. The Kenyan company achieved the highest compound annual growth in revenues between 2017 and 2020 and, in March, raised $125million in a Series B funding round.