Malagasy billionaire Hassanein Hiridjee has mobilised a total of $730 million since 2025 from major development finance institutions, positioning AXIAN Group as one of the best-capitalised African conglomerates of the moment. The fundraising, spread across multiple tranches, cements the Malagasy group's standing as a continent-wide heavyweight.
A Historic Fundraising Spread Across 18 Months
The most recent transaction closed in June 2026: the European Bank for Reconstruction and Development (EBRD) committed up to €170 million to Axian Telecom to expand its mobile and fibre-optic networks in Senegal and Kenya. This financing builds on a string of structured deals over the past 18 months.
In May 2026, AXIAN finalised a partnership worth up to €300 million with Proparco, the private-sector arm of France's development agency. In June 2026, Axian Energy closed a $60 million facility with the Mauritius Commercial Bank (MCB), structured as a $40 million revolving line (3-year tenor) and $20 million in non-funded instruments. And as far back as 2025, the group had secured $160 million from the African Development Bank (AfDB).
Investments Targeting Critical Infrastructure
The total envelope targets five strategic domains: telecommunications infrastructure, renewable energy, data centres, off-grid mini-grids, and electric vehicle charging. AXIAN Energy also appeared among the active co-investors in the African tech ecosystem in H1 2026, according to LaunchBase Africa's analysis.
The group, founded and led by Hassanein Hiridjee from Antananarivo, operates across some ten African countries under several brands — Yas (telecoms), AXIAN Energy (power), VIA (insurance) — spanning markets from Senegal to Madagascar, Tanzania and the Comoros.
Why It Matters
A Malagasy group's ability to attract $730 million from the world's leading multilateral institutions — EBRD, Proparco, AfDB, MCB — in under two years is a powerful signal for the entire Indian Ocean region. AXIAN embodies a new generation of African champions capable of structuring complex international financings. For Madagascar, it is a credibility showcase at a time when the island is working to attract more foreign direct investment. For the Indian Ocean, it proves that development capital is betting on the region — and on its entrepreneurs.
Sources: Billionaires Africa (28 July 2026), LaunchBase Africa (29 July 2026), Agence Écofin.