Craft Silicon takes up stake in EatOut

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Kenyan IT multinational Craft Silicon has acquired a Sh51.5 million minority stake in restaurants listing portal EatOut, marking its second major backing of a local tech company.

Craft Silicon will also help EatOut to develop digital paymentS platform that will allow customers to pay for meals bought at the listed restaurants through the EatOut portal, partner banks or lifestyle brands such as the online taxi-hailing platform, Little, the local competitor for Uber cabs.

Craft Silicon is a founder-shareholder of Little, which is also backed by local telco giant Safaricom.

Craft Silicon provides financial software products ranging from core banking platforms, electronic and mobile payment gateways. Customers visiting the listed restaurants will also have the option of using Little’s e-hailing taxi service and paying through Craft Silicon’s payment gateways.

“Craft Silicon processes millions of transactions every day on our electronic payments eco system. Investing in EatOut would help us to increase our footprint in the hospitality vertical.

“Craft Silicon have this massive payment ecosystem, and we noted that it would add more value if we start building different verticals on top of our platform,” said Craft Silicon chief executive Kamal Budhabhatti in a statement.

“Our first experiment was with Little, where we brought transportation to our payment gateway.

“Looking at the success of Little, we are now moving to hospitality with our investment in EatOut. We are very confident that bringing EatOut on our platform would add value to our transacting customers.”

EatOut founder and managing director Mikul Shah said the new funds that would be used to drive the business expansion across Africa.

The restaurant listing portal is currently available in Uganda and Rwanda markets too and there are plans to grow its presence across Africa to include countries like Tanzania before end of the year. Source: Business Daily Africa

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