Opay Adds Another “O” To Its Portfolio Of “O” Services In Nigeria

0

OPay, also known as Operapay, has launched OCar as part of its app services in Lagos.

This is following a Series B raise of $120 million led by existing investors Meituan-Dianping, Source Code Capital, IDG Capital, Sequoia China and GSR Ventures who funded the company’s $50 million raise in July. 

The Norwegian owned company seems to be pushing towards establishing an all-in-one app system that offers a myriad of services to consumers who stumble on it— probably a kind of Apple’s ecosystem and business model that practically owns its customers– from the iPhones, to iMacs, Apple watches, repairs, including accessories.

OCar is the company’s latest vertical in an ecosystem that already includes offerings for food (OFood), bike-hailing (ORide), classifieds (OList), three-wheelers (OTrike) and bus-hailing (OBus).

The company is apparently prioritizing expansions over profitability. And, it is dogged about it. Despite ballistic obstacles encountered by its bike-hailing service (ORide) from the Lagos state transport system with high tax payments, which led to placing the bike-hailing on hold, it has proceeded with OCar regardless.

OCar would definitely be competing with strong competitors like Uber and Bolt which presence already dominate Lagos and a few states in Nigeria. OCar is however, starting out with a bonanza of #200 for customers irrespective of the distance covered. This strategy may, however, prevail in a country like Nigeria with low income generation.

In any case, we do not know what market strategies existing ride-hailing companies are bringing to the market to beat the competition further.