Gozem Pte Ltd is incorporated in Singapore and owns Gozem subsidiaries in Benin, Togo, Cameroon, and Gabon, and Gozem Money Pte Ltd (also incorporated in Singapore).

Gozem Pte Ltd is a ride-hailing and e-logistics company that started its operations in Togo in 2018, followed by an expansion to Benin in 2019. The Gozem SuperApp, through which trips and delivery services are booked, was recently launched in Gabon and Cameroon. Gozem successfully closed its Series A fundraising of US$5 million.

Gozem Pte Ltd is financed by private investors, foundations, and venture capital funds. These investors each hold less than 4% of Gozem’s total shares and cumulatively 51%. The co-founders, Raphael and Gregory, hold the remaining 49% through Reengine Ventures.

IFC will provide the Project Company up to €1.9 million (approximately US$2 million using the foreign exchange rate as of 5 May 2022) in the form of debt to finance up to 20% of the capital expense of vehicles deployed in the Project. In addition to the financing of vehicles, IFC, Gozem, and the Project Company will collaborate on the following:

• Development and implementation of a viable and scalable structure for the Platform, including simplifying the overall corporate structure where possible, improving the governance structure of Gozem, reviewing management skills necessary for Gozem and the Project Company to achieve its expansion plans, developing and implementing a vehicle procurement and deployment plan;
• Development and implementation of market expansion plans for the Platform in Benin and Togo;
• Market, legal, E&S, and regulatory review of future markets for the Platform, including but not limited to Gabon and Cameroon;
• Analysis of regulatory requirements (including driver licensing, vehicle leasing), co-develop solutions and a compliance action plan and engage with local authorities (where appropriate – e.g., on the process of issuing licenses for drivers).

As part of the Project Development Committee (“PDC”), IFC will track the implementation of the above items, including rate of license adoption by drivers.                                                  

Benin, Togo, Cameroon and Gabon                                                 

    This is a Category B project, according to IFC’s Policy on Environment and Social Sustainability (2012). The project is expected to have limited adverse environmental and social risks and impacts that are short-term, site-specific, and can be avoided or mitigated by adhering to recognized performance standards, procedures, guidelines and design criteria.

The e-platform sector is fast evolving and interpretation of applicability of contractual and legal frameworks, especially in relation to treatment of gig-economy workers, contract drivers and other service providers, is also evolving. The E&S risks and issues relevant to this proposed investment are: (i) adequacy of the company’s environmental, social (labor), occupational health and safety management system and its organization; (ii) provision of fair and safe working conditions, and labor standards and human resources management for permanent and contract workers; (iii) terms and conditions for the freelance drivers; (iv) emergency preparedness and response; and (v) road safety and passenger safety.