Global current economic conditions are fostering investments in technology and embracing the potential for exponential growth.
The finance, ride-hailing, e-classifieds, and media segments have been comparatively more successful at building large digital user bases and ensuring monetization in Ethiopia, according to Cepheus.
RIDE, the #1 taxi-hailing and booking platform in Ethiopia has a network of more than 40,000 drivers and supplying 500,000 trips a day in Addis Ababa. Cepheus Capital estimated RIDE gross booking value of Birr 5mn to 6mn per day in 2020. The company also reached 500,000+ App downloads, followed by Zat Ride and Feres with more than 100k app downloads.
Zay Ride, among the top industry players, averaging 6,000 trips per day as of early 2021 with 10k drivers including their own fleets.
As of 2020, Cepheus Capital estimated the current size of business activity transacted through the digital economy ecosystem is reached 350bn (or $11bn and equivalent to 10 percent of GDP) with Birr 5bn in net revenue for Ethiopia’s main set of digital economy companies.
Oxford Economics found out that the digital economy is worth US $11.5 trillion globally, equivalent to 15.5 percent of global GDP and that has grown two and a half times faster than global GDP over the past 15 years, almost doubling in size since the year 2000.
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