Representing Morocco, the Chari start-up ranked 10th out of the 100 African companies listed in the latest Financial Time ranking “Africa’s Fastest Growing Companies”.
Africa’s Fastest Growing Companies (AFGC) 2023 lists 100 companies, ranked by the highest compound annual growth (CAGR) in revenue between 2018 and 2021, based on five major criteria, including revenue of at least 100,000 of US dollars generated in 2018, a turnover of at least 1.5 million US dollars generated in 2021, an independent company, i.e. which is not a subsidiary or a branch of no kind, it must have an operational headquarters in one of the African countries, and finally a growth in turnover between 2018 and 2021 which has been mainly organic.
The Financial Times ranking shows that companies in sectors such as fintech, renewable energy, healthcare, commodities and agriculture were managing to grow their businesses as much of the world shut down.
As in the inaugural year of the rankings, Covid appears to have accelerated the move online, with companies providing digital services in finance, payments, trade facilitation and healthcare all advancing, claims the Financial Times.
It also appears to be the time when investors from Silicon Valley, as well as those from Asia and Europe, discovered potential in the African start-up scene, particularly in the tech hubs of Lagos, Cape Town, Johannesburg, Nairobi and Cairo, add the experts.
In addition, the Moroccan start-up Chari has been spotted and entered this prestigious ranking for the first time. The young shoot occupies the 10e position on the 100 African companies listed, ahead of Globe Medex in Egypt (11th) and behind Easy Solar Ltd in Sierra Leone (9th), while Nigeria with its two start-ups AFEX (1st) and Moniepoint (2nd) come first list, followed by Sokowatch in Kenya (3rd), Altech in the Democratic Republic of Congo (4th) and Africaworks in Mauritius (5th).
It should be noted that the start-up Chari is the only company to wear the colors of Morocco. Founded by Sophia Alj and Ismael Belkhayat, two former McKinsey and BCG consultants, the company, which has experienced rapid growth since its creation, affirms its desire to transform the consumer goods distribution sector while offering services inclusive and innovative financial institutions in French-speaking Africa.