On-demand products key to Cassava’s future

Cassava Smartech is slowly realising the benefits of venturing into on-demand products with several ventures having recorded exponential growth in the year to February 2020.

This was revealed by chief executive officer Eddie Chibi in the company’s latest annual report.

Chibi said the Agritech business had recorded commendable growth during the period under review, with a revenue surging to $24,3 million from $0,8 million prior year comparative.

The increase was driven largely by the launch and adoption of an on-demand tractor tillage platform, according to the Chibi.

Another on-demand service, Moovah, performed exceptionally well, with a revenue increase from $31 million to $193,7 million, driven by growth in insurance of non-motor assets.

Chibi said the Group had continued to strengthen its value proposition for Vaya, with several new products launched across the Mobility and Logistics pillars.

“Our innovations in the on-demand business are largely to continue serving identified needs,” he said.

The Group took advantage of persisting water and waste collection challenges in the country to provide on-demand water delivery and waste collection services, through its business unit Clean City and Vaya Logistics.

Chibi believes Cassava Smartech has a very strong value proposition across all its business entities.

“We are confident that our human capital and physical assets will continue delivering positive results for the business that creates value for our stakeholders,” he said.

Chibi said Cassava Smartech has continued to respond to stakeholders’ needs, as evidenced by its “innovative products that are market informed”.

In terms of job creation, the Group pioneered over 1 200 Clean City jobs and 3 500 active Vaya drivers, according to Chibi.

“On the environmental front, promotion of sustainable cities was driven through the waste collection business, which serviced 255 000 households and recycled 84,1 tonnes of waste material within a few months of launching Clean City.”

Looking into the future, Chibi said the ongoing transformations of the businesses within Cassava remain a priority.

“We continue working on maintaining and growing market share for our established businesses as well and scaling up the newer businesses,” he said.

He said diversification of revenue streams will remain key to strategy for the forthcoming year.

“Though we will continue to give the required attention to our established Fintech and Insurtech businesses, we are working on nurturing our newer businesses in the Health, On-Demand Services, Agritech, Edutech and e-Commerce sectors to grow their contribution to overall Group performance. We are already excited by the growth we have seen in most of these businesses in the past financial year and believe there is so much more we can do to disrupt these spaces and in so-doing continue building our business,” said the Cassava Smartech boss.-herald.cl.zw