PepsiCo, Absa Back South Africa Farmers’ Online Marketplace

PepsiCo Inc.’s South African development fund and local lender Absa Group Ltd. are backing a mobile marketplace for farmers that enables them to sell their products as well as source logistics, technical expertise and financing.

Khula Pty Ltd.’s app has 20,000 users, ranging from emerging to commercial farmers, and targets 200 million rand ($10.7 million) in funding by mid-year, co-founder and Chief Executive Officer Karidas Tshintsholo said in an interview. It has raised 126 million rand to date in a funding round led by E Squared Investments, he said.