Takealot founder and former CEO Kim Reid has been appointed as the CEO of Blue Lake Ventures Group (BLV Group), which owns BetKing, on 1 August 2022.
Reid is South African Internet and eCommerce royalty who has served in numerous executive positions, including MultiChoice CFO, Mweb CEO, and MIH Internet Africa CEO.
Reid is best known for starting Takealot in partnership with US-based investment firm Tiger Global Management.
While taking a break from corporate life, Tiger Global Management approached Reid with a co-investment opportunity in the South African eCommerce market.
They joined forces to acquire Take2, an online retail company started by seven investors in Cape Town in 2002.
Takealot.com was officially launched in June 2011, and Reid has served as chief executive since its inception.
Under Reid’s leadership, Takealot grew into the dominant eCommerce retailer in South Africa.
Along the way, Takealot merged with Naspers-owned Kalahari.com, acquired Mr Delivery to secure its logistics network, and bought Superbalist.com.
In 2021, Reid stepped down as Takealot CEO to become Takealot Group chairman. The Takealot Group’s subsidiaries include Takealot.com, Mr D Food, and Superbalist.
As chairman, Reid stepped back from the day-to-day operations to focus on initiatives that will deliver future value for the group.
Reid told Daily Investor that the BLV Group appointment does not affect his position as chairman of Takealot.
Reid’s appointment as CEO of BLV Group, which owns BetKing, is not surprising considering his previous position at MultiChoice.
In November 2020, MultiChoice announced it was buying a 20% stake in Africa-focused sports-betting platform BetKing for R1.8 billion.
MultiChoice doubled down on its investment last year by increasing its stake in the betting platform from 20% to 49% for R4 billion.
The company was clearly looking for a trusted hand to oversee its multi-billion investment. As a former MultiChoice and Naspers executive, he was the right man for the job.