Santam, South Africa’s largest short-term insurer, has announced the acquisition of Kandua, a leading online marketplace for home services. The deal, finalized for an undisclosed amount, will see Kandua merge with Santam’s existing home service offering, Home+, to form a wholly-owned subsidiary of the insurer.
Kandua, founded in 2014 by entrepreneurs Sayo Folawiyo and Arjun Khoosal, has rapidly become a key player in connecting customers with vetted home service professionals. Its platform offers access to a wide array of services, from plumbing and electrical work to carpentry and general repairs. With a network of over 40,000 service providers and an estimated R50 million worth of work opportunities facilitated monthly, the acquisition is expected to significantly expand Santam’s reach into the home services market.
Gloria Tapon-Njamo, CEO of Santam Partnership Solutions, emphasized the strategic importance of the acquisition, stating, “Kandua’s talent, technology, and customer base are valuable assets for our business, as it opens up new avenues for client growth and digital innovation.” She further highlighted the potential for the acquisition to positively impact informal artisans and small businesses, providing them with access to training, resources, and financial products tailored to their needs.
The acquisition is in line with Santam’s broader strategy to accelerate digital innovation and expand into new market segments. Kandua’s existing technology infrastructure and customer network are expected to enhance Santam’s digital offerings and provide a platform for further growth.
Sayo Folawiyo, who will continue to serve as CEO of Kandua, expressed optimism about the partnership, saying, “Being part of Santam accelerates our work of making home service fulfillment seamless and equitable for service providers and the customers they serve.”
The merger of Kandua and Home+ will create a comprehensive home services platform, offering a one-stop shop for customers seeking reliable and trustworthy service providers. This move is expected to strengthen Santam’s position in the market and contribute to its ongoing efforts to provide innovative insurance and financial solutions.
Major investors, including Catalyst Fund, Knife Capital, and Allan Gray E-Squared Ventures, are expected to exit following the acquisition.