Jiji Acquires Bikroy, Expands into South Asia

Jiji, the Africa-focused online marketplace operator, has significantly expanded its international footprint by acquiring Bikroy, the leading classifieds platform in Bangladesh. This strategic move marks Jiji's first foray into South Asia, signaling a clear ambition to replicate its continental success in new, high-potential emerging markets. The acquisition follows a period of intense competition, with Jiji entering Bangladesh as a direct rival to Bikroy just thirteen months prior to the deal.

While the financial terms of the transaction remain undisclosed, Jiji CEO Anton Volianskyi indicated that the acquisition was financed through internal capital and existing shareholder backing. This consolidation strategy is a recurring theme for Jiji. Previously, the company acquired OLX Africa's operations across five African nations in 2019, propelling its user base and solidifying its market leadership. In 2022, Jiji also purchased Tonaton, another prominent classifieds site in Ghana, from Saltside Technologies, the same entity that owned Bikroy.

Jiji's approach involves a deliberate market entry strategy: first, establish an organic presence to validate product-market fit and build competitive momentum, then pursue consolidation to accelerate the path to category leadership. This method effectively uses direct competition as a form of due diligence. The rapid thirteen-month timeline from market entry to acquisition suggests that either Jiji's competitive pressure was exceptionally effective, or that Bikroy's parent company, Saltside Technologies, was already seeking an exit from the Bangladeshi market.

The divestment from Bikroy appears to be driven by strategic shifts at the holding company level for Saltside Technologies. Despite Bikroy operating as a robust, self-sustaining business with substantial monthly user engagement and a reported $3 billion in annual gross merchandise value, its parent company has not secured institutional funding since a Series B round in January 2015. With a significantly reduced group-level headcount and a stated focus by its largest investor, Kinnevik (holding a 45% stake), on core European and American assets, Saltside's strategic direction was clearly moving away from emerging market classifieds.

Kinnevik's public announcement in early 2025 of its intention to divest its stake in Saltside provided a strong signal for an impending exit. This aligns with Jiji's market entry into Bangladesh in March 2025, creating a confluence of strategic imperatives. For Jiji, the acquisition offers a swift route to market dominance in Bangladesh, a country with a rapidly growing internet economy estimated to be worth billions. For Saltside and its investors, including Hillhouse Capital and Brummer & Partners, it represents a timely exit from an asset that no longer fits their evolving investment thesis.

This acquisition underscores the dynamic nature of online marketplaces in emerging economies. As internet penetration and digital commerce accelerate in regions like South Asia, consolidation plays a crucial role in establishing dominant players. Jiji's expansion into Bangladesh, following its successful playbook in Africa, positions it as a significant contender in the broader South Asian digital classifieds sector, potentially influencing future M&A activity and competitive dynamics within the region's tech ecosystem.