Namibia: Paratus raises $32.8 million to strengthen its network
May 21st 2024
Paratus Namibia Holdings Limited (PNH), a subsidiary of pan-African internet connectivity provider Paratus, announced on Thursday May 16 a fundraising of an additional 600 million Namibian dollars ($32.8 million). In a statement, the company said the funds will be used in particular to strengthen its core systems and infrastructure to improve its offerings.
“ This investment will enable the company to adapt and transform its business model to meet evolving customer and market demands, while optimizing capacity utilization, leveraging cost savings. scale and generating increased returns from its current asset base ,” says Paratus. The company also wants to focus on infrastructure sharing, adoption of cutting-edge technologies, development of commercial enablement and operational support systems.
This initiative is part of the Paratus group’s ambition to deploy the best infrastructure to meet the growing demand for high-speed connectivity in Africa. The company secured a $31 million loan from Emerging Africa Infrastructure Fund (EAIF) and Ninety One in November 2023 to expand its fiber optic and data center network across the continent in three years.
With this new investment, Paratus Namibia will be able to improve the coverage and quality of its connectivity services in the country. This will allow it to retain its new customers and acquire new ones in order to strengthen its position on the Internet market where it competes with telecom operators, as well as other Internet access providers.
According to data from data platform DataReportal, Namibia had 1.63 million internet users at the start of 2024 with a penetration rate of 62.2%.
Source: Agency EcoFin
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