An online marketplace for home services located in Johannesburg, the largest short-term insurer in South Africa, Santam, has acquired Kandua in its entirety.
Kandua was established in 2014 by Arjun Khoosal and Sayo Folawiyo. It assists people in finding a vetted and background-checked professional for any type of work they need done in their homes, from minor repairs to extensive renovations.
In July 2021, the startup, which links customers with over 40,000 pre-screened home service providers, completed a “significant” pre-Series A funding round. Santam, a JSE-listed short-term insurer with a market share of more than 22%, has now acquired it in its entirety.
Kandua and Santam’s current home service program, Home+, will combine to form a fully-owned, independent subsidiary of the insurance company.
“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. The business has an established technology and extensive network of customers,” said Gloria Tapon-Njamo, CEO of Santam Partnership Solutions, the Santam Group division focused on building partnerships across industries to develop innovative products, diversify revenue, and expand into untapped market segments.
“Critically, this is a strategic acquisition aimed at accelerating our digital innovation and expansion into new market segments. This acquisition expands the impact that Santam can have on informal artisans and small businesses, through access to training, enabling business growth, job creation, financial inclusion and introducing products tailored for their needs.”
Technology is used by the company’s Kandua for Business division, which specializes in serving insurance and retail businesses, to make service integration into the value chain clear and effective. The service is currently used by several major retailers and financial services. Retailers that sell home goods can also provide their clients with expert installation services. The insurance solution makes it possible for insurance claims to be fulfilled with the same efficiency and openness.
“Our vision is to make home service fulfillment seamless and equitable for service providers and the customers they serve, driven by trust and simplicity. We do this by using technology to make marketing and business operations easier for service providers: shortening the distance between having a skill and making a living from it. Being part of Santam accelerates this work,” said Folawiyo, who will continue to serve as CEO of Kandua.
