Maser is valued at over Sh645 billion, becoming Africa’s seventh largest unicorn

Maser, the consumer electronics company founded by Prateek Suri, has officially joined the ranks of Africa’s unicorns.

Unicorns in the business sector are startups valued at more than $1 billion (Sh129 billion) that are privately owned and not listed on the stock market.

Maser is now valued at over $5 billion (Sh645 billion), becoming the seventh company on the continent to receive the award, marking a major milestone in Africa’s thriving tech ecosystem.

The other six unicorns are Flutterwave, Interswitch, Chipper Cash, MNT-Halan, OPay and Wave.

Maser was founded in 2017 with a simple yet ambitious mission: to revolutionize affordable technology in emerging markets.

Suri, an India-born entrepreneur with an engineering background, saw a lack of high-quality, affordable electronics in the market, especially in Africa.

“From the beginning, I wanted to create products that people actually needed and could afford, without compromising on quality,” Suri said in a press statement.

He added: “Africa has always been a region full of potential, but access to cutting-edge technology has often been limited. Maser was born to change that.”

Maser’s product range includes a range of smart TVs, home appliances and consumer electronics, all designed with the African market in mind.

The company’s focus on affordable products and emphasis on local manufacturing have enabled it to capture a significant market share in a relatively short period of time.

Reaching a $5 billion valuation is no easy feat, especially in a market as challenging and diverse as Africa.

Suri attributes Maser’s rapid growth to a variety of factors, including strategic partnerships, a deep understanding of the local market and a strong commitment to innovation.

“When we first launched, some people doubted whether we could compete with established global brands,” recalls Suri.

He added: “But we knew that by focusing on what our customers really needed and building strong relationships with local partners, we could carve out our own space in the market.”

One of the key strategies driving Maser’s growth was the decision to invest in local manufacturing and assembly plants.

By establishing an on-the-ground presence, Maser is able to reduce costs, create jobs and ensure its products meet the specific needs of African consumers.

“Our local approach to manufacturing is a game changer,” Suri explains. “It’s not just about reducing costs; it’s about knowing the market inside and out. We’re able to respond quickly to changes in consumer preferences, and this agility is critical to our success.”

Maser’s rise has also been fueled by its innovative use of technology.

The company uses the Internet of Things (IoT), artificial intelligence, and data analytics to enhance its product offerings and improve customer experience.

From smart TVs that offer personalized content recommendations to home appliances that can be remotely controlled via smartphone, Maser’s products are designed to fit seamlessly into the modern connected lifestyle.

Africa’s tech ecosystem is growing rapidly, with startups in sectors ranging from fintech to agritech attracting significant investment.

However, on the African continent, relatively few hardware companies have achieved unicorn status.

Maser’s success is a major milestone, not only for the company but for the African tech sector as a whole.

“The African market presents unique challenges, but is also filled with opportunities,” Suri said.

“There’s a young, tech-savvy populace here that’s eager to adopt new technologies, which is a huge advantage. But to be successful here you need to understand the local landscape and be willing to adapt.”

He said one of Mather’s biggest challenges was adapting to the different regulatory environments across the continent.

This is because each country has its own set of rules and regulations, and complying with them can be a complex and time-consuming process. However, Suri believes it is a necessary part of doing business in Africa.

“We have to be very proactive in understanding the regulatory landscape and making sure we are fully compliant in every market. It’s not always easy, but it’s essential if you want to build a sustainable business in Africa,” he said.