IBL Group leads $8 million funding round for Qotto to scale solar solutions in Africa
11 Apr 2023

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The parent company of IBL Energy, IBL Group, a billion-dollar conglomerate headquartered in Mauritius with business interests in energy, financial services, logistics, distribution, and engineering, led a Series A equity-debt round that raised $8 million for Qotto, a solar kits provider operating in Burkina Faso and Benin. The Off-Grid Energy Access Fund (FEI-OGEF), Cordaid, and Qotto’s existing investors also participated in the round.

Qotto, which designs and distributes standalone solar kits and lanterns to individuals in sub-Saharan Africa, plans to use the funds to scale its operations in existing markets and expand to Ivory Coast, where it is set to begin operations next month. The expansion to Ivory Coast will happen alongside IBL’s plan “to strengthen its position in East Africa and to develop its renewable energies exposure.” IBL is also drawing a roadmap for East Africa expansion after signing a partnership and agreeing to offer off-grid solutions in the region.

Qotto’s growth plans include introducing new products, such as financial services and internet access hotspots, as it evolves into an all-rounded essential services operator. The planned financial services include micro-insurance, micro-credit, and micro-savings products, designed in collaboration with partners such as SUNU, a large insurer in West Africa. Qotto also plans to offer internet hotspots in high foot-traffic areas like shops, restaurants, or bars.

IBL’s partnership with Qotto underscores its commitment to renewable energy solutions in Africa. The company’s expansion plans in East Africa and its interest in off-grid solutions highlight its efforts to bridge the energy access gap in the least electrified countries in sub-Saharan Africa. As a key player in the region, IBL’s investment in Qotto and its expansion plans signal a growing interest in Africa’s renewable energy sector and a commitment to providing essential services to millions of people who lack access to electricity, the internet, and financial services.