11 Kenyan companies have secured spots among Africa’s 130 fastest-growing firms, demonstrating the country’s robust performance in the continent’s dynamic business landscape- according to a recent Statista ranking.
The ranking evaluates companies based on their compound annual growth rate (CAGR) over recent years, providing a standardised measure of growth across sectors.
According to Statista, the fourth edition of Africa’s Growth Champions ranks companies by percentage revenue growth between 2020 and 2023.
To be included in the list, companies had to be independent and have primarily organic revenue growth from at least 100,000 USD generated in 2020, rising to 1.5 million USD by 2023.
List Of Kenyan Companies Listed by Statista
The 11 Kenyan companies listed and their sectors are:
- Roam – Electric Vehicle Manufacturing (86.4% CAGR)
Roam is an electric mobility manufacturer that designs and produces electric motorcycles and electric buses adapted to African conditions. It also develops supporting infrastructure such as battery charging and rental stations (Roam Hubs) to enable adoption by riders and urban transport operators.
The company achieved an 86.4% compound annual growth rate (CAGR) and 547.8% revenue growth from 2020 to 2023, ranking it among Africa’s fastest‑growing firms and Kenya’s top performer in the Financial Times and Statista Africa growth list.
Founded in 2017, Roam initially focused on converting vehicles to electric before shifting to local manufacturing of EVs, including the Roam Air motorcycle and 42‑seat buses. It has expanded with strategic partnerships (e.g., Uber, Bolt, Energica) and infrastructure roll‑outs across counties in Kenya, and completed a 6,000‑kilometre electric road journey to demonstrate product capability.
- TPS Eastern Africa Plc – Hospitality & Travel (68.1% CAGR)
TPS Eastern Africa Plc operates a portfolio of luxury hotels, resorts, safari lodges, camps, palaces and forts across Eastern Africa and parts of Asia under the Serena Hotels brand. Its services include accommodation, conferencing, leisure tourism and cultural experiential stays for business and leisure travellers.
The company recorded a 68.1% CAGR in recent assessments of Africa’s fastest‑growing companies, reflecting strong tourism demand and recovery post‑pandemic.
TPS Eastern Africa developed the Serena Hotels chain and was listed on the Nairobi Stock Exchange in 1997. Serena’s portfolio now spans multiple countries in Africa and Asia, with properties known for high service standards, sustainability focus and premium hospitality experiences. It is part of the Aga Khan Fund for Economic Development (AKFED) network.
- M-Kopa Holdings Ltd – Fintech, Financial Services & Insurance (42.1% CAGR)
M-Kopa is a fintech and digital financial services platform that provides affordable asset financing, digital credit, mobile financial services and insurance to underserved customers. It enables access to smartphones, loans, insurance and other services through flexible daily or micro‑payments that build credit history and financial inclusion.
With a 42.1% CAGR, M‑Kopa has expanded rapidly across Kenya, Uganda, Nigeria, Ghana and South Africa, extending over $1.5 billion in credit and serving millions of customers. It repeatedly features on the Financial Times’s list of Africa’s fastest‑growing companies.
Founded in 2010/2011 by Nick Hughes, Chad Larson and Jesse Moore, M‑Kopa began with pay‑as‑you‑go solar home systems and smartphones and has since evolved into a broad fintech platform. Its model builds financial inclusion for individuals with informal incomes by combining digital micropayments with proprietary credit analytics. The company now offers digital loans, phone financing, insurance and related services at scale across multiple African markets.
- Turaco Inc – Fintech, Financial Services & Insurance (34.3% CAGR)
- Quick Mart Ltd – Retail (33.9% CAGR)
- Impax Business Solutions Ltd – IT & Software (33.3% CAGR)
- Victory Farms Ltd – Agriculture, Forestry & Fishing (26.9% CAGR)
- East African Business Company Ltd – Agriculture, Forestry & Fishing (24.7% CAGR)
- Pan African IX Data Centres Ltd – IT & Software (24.7% CAGR)
- Kofisi Hospitality Group Ltd – Real Estate (19.9% CAGR)
- KCB Group Plc – Fintech, Financial Services & Insurance (18.8% CAGR)
How Africa’s Fastest-Growing Companies Are Ranked
According to the new Statista ranking, the Fastest Growing Companies project ranks businesses based on their revenue growth over three years, with a focus on organic growth.
Only companies that meet specific criteria, including revenue thresholds, independence, and strong financial performance, are considered for the ranking.
Also Read: Meet Young Kenyans Making Big Moves as CEOs Leading Top Companies and Organisations
For data collection, eligible companies submit financial and business information through online application forms. Analysts also identify potential candidates using company databases and public sources, and invite them to apply by mail, email, or phone.
Revenue figures are verified by company management, with additional checks for smaller or unincorporated companies. Growth rates are calculated using the compound annual growth rate (CAGR), and all revenues are converted to a single currency for accurate comparison.
Calculation of Growth Rates
The growth rates of the companies were determined using the revenue figures reported by each company in its respective national currency.
To allow direct comparison across companies, these revenues were converted into US dollars using the average exchange rate for the financial year reported by each company.
Also Read: Mass Job Losses Loom As 300 Companies Face Dissolution
The Compound Annual Growth Rate (CAGR) was then calculated using the standard formula:
Where:
- Ending Value = Revenue in the final year of the period
- Beginning Value = Revenue in the first year of the period
- n = Number of years in the period
This method standardizes growth measurement and enables meaningful comparisons of performance across industries and countries.
A rigorous quality assurance process ensures all submissions are verified. Analysts research missing data and exclude companies that do not meet eligibility criteria.
Only firms that meet the minimum growth rate are included in the final ranking.
Follow our WhatsApp Channel and X Account for real-time news updates.
