The Bulb World, a Botswana LED light bulb manufacturing company founded by Ketshephaone Jacob, is rolling out its ambitious Africa expansion plan. The company has started sourcing for P42 million to finance its expansion throughout the continent.
The Bulb World, which was established in 2016 and partly funded by Citizen Entrepreneurial Development Agency (CEDA) at the tune of P4 million, to manufacture LED lighting bulbs for both commercial and residential use in 2017, announced last year that it is spreading its wings and will be available soon in South Africa in the Special Economic Zone (SEZ) of North West province under the auspices of North West Development Corporation (NWDC).
“We have already kick-started sourcing our debt funding and we need P42 million to be able to penetrate the SADC region. The debt facility will enable us to reach a total valuation worth of P100 million as a business, thereafter we are looking to list and start releasing equity to investors so that we can now take over the Africa market,”said The Bulb World CEO, Ketshephaone Jacob in an interview with The Weekend Post
Mr. Jacob said over the next 10 years they are looking to create over 5,000 jobs in Africa. He continued by saying that through their expansion into all of Africa they will be able to create employment for various individuals in different sectors namely; manufacturing, distribution electronics, and retail. According to a 2016 Market Survey, the total valuation of sales for LED Lighting was 57 billion, The Bulb World has set a target of getting at least 30 percent (30%) of that market share.
In 2020 alone, The Bulb World has landed lucrative deals with Botswana’s leading retailers like Choppies, Sefalana, Shoprite, and Builders Mart just to name a few.
With COVID-19 savaging companies across different sectors, including manufacturing, Jacob said The Bulb World business was affected but did not suffer serious disruptions. “Our sales picked up quite significantly during the first lockdown when there was a restriction on goods coming into the country and the numbers have remained consistent ever since,” he said.