COMPANY
We are halfway through the year and thrilled to share exciting updates from some of our portfolio companies. In this quarterly update, we delve into their recent performance and reveal their exciting plans for the coming months. This edition features updates on Affinity Africa, Mayani, Peddlr, and Cocotel. From innovative product launches to impressive growth metrics and strategic partnerships, our companies are making significant progress.
This past quarter, Affinity Africa made impressive strides, largely thanks to the booming success of their mobile app and Agency App. They've seen significant growth in customer engagement through the mobile app, and the Agency App played a key role in expanding their customer base.
They rolled out some great app updates to make things easier for users, like searching for payment recipients, sharing account details effortlessly, and improving profile verification. Plus, their upgrade to Agency App Version 3.0 now supports full interoperability with other banks and mobile money services. This means agents can now reconcile remotely, which has really streamlined operations.
Over the past year, Mayani has built a strong network of 144,000 organized smallholder farmers and fisherfolk across eight regions in the Philippines. Impressively, 38% of this network are women, who have seen their incomes rise by an average of 30%. Supported by third-party certification from SGS and USAID's Fish Right Program, Mayani’s comprehensive value-chain approach ensures quality and sustainability.
Mayani's business model includes impactful initiatives like Mayani FarmDirect, which has boosted rural incomes and cut food loss by 27%, and Mayani Agri-Inputs, which has increased yields and enhanced climate resilience. Additionally, the partnership with India's Ninjacart highlights Mayani's commitment to empowering smallholder farmers and promoting sustainability through enhanced supply chain automation and advanced technology, boosting efficiency and growth in the Philippines.
In Q2 2024, Peddlr achieved significant milestones, particularly within their payments segment, showcasing the growing popularity and effectiveness of their offerings. Digital Products exhibited robust growth, with exceptional retention rates for core users, highlighting strong customer satisfaction and loyalty.
This period also marked a successful debut for Kankolek, Peddlr's latest product, which saw a substantial number of active users and high transaction activity, underscoring its successful market entry and acceptance. The strategic focus on targeting the right merchant segments has paid off, positioning Peddlr for continued success and further market expansion.
Looking ahead, Peddlr has exciting plans for the future. The company is focusing on enhancing Kankolek by targeting non-sari-sari store merchants, promising even greater transaction volumes.
Cocotel has shown incredible growth in the first half of 2024, expanding their presence with 70 new hotel partners and adding over 2,000 rooms. By focusing on urban areas like Cebu City, Manila, Yogyakarta, and Jakarta, they’ve boosted their active hotel partners to 242, highlighting their commitment to growth and excellent service.
As we reflect on these updates, it is clear that our portfolio companies are on a path of remarkable progress and innovation. Their achievements over the past quarter and their ambitious plans for the future highlight their potential and our commitment to supporting their growth. We are excited to continue this journey with our portfolio companies and witness their significant milestones toward growth and success.
