Interview: Billionaire Prateek Suri on his next African adventure

Africa’s economic development is often described as a story of untapped potential.

Despite abundant natural resources and a young, tech-savvy population of over 1.3 billion, the continent struggles with a lack of critical infrastructure and investment. Data from the World Bank suggests that 35 per cent of the population in Sub-Saharan Africa were estimated to be living in extreme poverty in 2019. This is compared to 9 per cent in South Asia and 1 per cent in East Asia and the Pacific. But businesspeople like Africa-based Prateek Suri are looking to change this narrative and help the continent uplift itself.

As the entrepreneur previously behind electronics distributor Maser Group, Suri has deep experience in leading a diversified conglomerate operating across the Middle East, Asia, Latin America, and Africa. Now, through his new venture, MDR Investments, Suri is driving a fresh wave of large-scale funding into Africa’s infrastructure and mining sectors—setting the stage for what he believes will be a transformational shift across the continent.

Suri’s rise to prominence began not with infrastructure or mining, but with consumer electronics and, more specifically, the distribution of these products into the diverse landscape of Africa—a continent of more than 52 jurisdictions. Suri, a mechanical engineering graduate, started with humble beginnings but persevered to grow Maser into a group that would surpass $1bn in revenue in Africa alone in 2023 via its sales of gadgets and electronics, making him the youngest billionaire in Africa.

“Maser’s valuation had soared beyond $5bn, earning it the distinction of becoming Africa’s 7th unicorn,” Suri says.

By delivering high-quality yet affordable electronics to millions of Africans, Maser established itself as a household name on the continent. And by 2023, Maser’s valuation had soared beyond $5bn, earning it the distinction of becoming Africa’s 7th unicorn.

“Maser was built on a simple principle—affordable technology for the masses,” says Suri. “The consumer electronics market in Africa was underserved, and we seized the opportunity to provide products that genuinely improve lives.”

READ MORE: Maser’s Prateek Suri on the burgeoning consumer tech industry in UAE and Africa

Maser’s success gave Suri a unique understanding of African markets, their challenges, and their enormous potential. Now, he is channelling those insights into his next big venture—MDR Investments.

Birth of MDR Investments

With Maser firmly established as a leader in the electronics industry and a unicorn with $1bn revenue, Suri turned his attention to the broader challenges facing Africa’s growth. In 2023, he founded MDR Investments, the venture capital arm of Maser Group, alongside a group of prominent investors. The new fund, with an initial size of $500 million, was established to tackle Africa’s infrastructure deficit and harness the continent’s rich mining potential. Suri sees infrastructure and mining as key sectors capable of driving economic growth across the continent and beyond.

“Building on the success of Maser, MDR represents a new phase in my vision for Africa,” Suri explains. “We’re not just focusing on electronics anymore. We want to invest in the foundation of economic growth—roads, bridges, and energy. Infrastructure is essential for Africa’s future, and we are here to help build it.”

The creation of MDR was a natural next step for Suri. While Maser revolutionised the consumer electronics market, MDR’s focus is on larger, long-term projects that can spur regional development and improve the quality of life for millions. MDR aims to address some of the biggest challenges facing African economies, including inadequate infrastructure and limited access to resources.

Unlocking Africa’s Infrastructure Potential

Africa’s infrastructure gap has been a significant roadblock to its development. The African Development Bank estimates that between $130bn and $170bn is required for infrastructure development each year, leaving a gap of around $100bn. And while roads are the primary mode of transport in Africa—carrying 80 per cent of goods and 90 per cent of passenger traffic—only 43 per cent of the continent’s population has access to an all-season road, according to a 2023 study from the African Development Bank Group. Added to this, just 53 per cent of roads on the continent are paved.

Suri says poor road networks, unreliable energy supplies, and limited access to clean water hamper economic growth and social mobility. This is why MDR Investments is stepping in to address these issues, with a strong focus on large-scale infrastructure projects, such as roads, bridges, and renewable energy.

“We’re working to fill a massive gap,” says Suri. “Infrastructure is the bedrock of economic growth. Without it, nothing else can progress—education, healthcare, trade, all depend on it.”

When it comes to infrastructure, MDR’s approach is centred around public-private partnerships (PPP). These partnerships allow the firm to work directly with African governments to fund, build, and operate critical infrastructure projects. This not only minimises risk but also ensures that the capital MDR brings to Africa is deployed effectively.

Suri cites MDR’s involvement in solar projects as an example of the company’s approach. In several African countries, his firm has collaborated with governments to install solar energy systems, helping to alleviate the continent’s energy shortages. By leveraging public land and private capital, MDR has been able to deliver clean, affordable energy to communities in need.

“We’re partnering with governments to ensure that these projects don’t just serve the needs of investors but benefit the entire community,” Suri adds. “Whether it’s solar energy, roads, or educational infrastructure, we’re focused on creating long-term value.”

Tapping Into Africa’s Rich Mining Resources

Alongside its infrastructure investments, MDR is heavily involved in Africa’s mining sector. The continent is home to some of the world’s most valuable natural resources, from gold to tantalum, copper, and platinum. The Centre for Strategic & International Studies (CSIS) think tank estimates that the continent holds 85 per cent of the world’s manganese reserves, 80 per cent of platinum and chromium reserves, 47 per cent of cobalt reserves, and 21 per cent of graphite reserves. Experts at Trafigura have estimated that Africa will account for 26 per cent of the world’s production of hard rock lithium by 2030.

Yet, much of Africa’s mining potential remains underexploited, largely due to a lack of investment and infrastructure, says Suri. Like its infrastructure approach, MDR’s strategy in mining is built around collaboration. The firm works with local partners, ensuring that the communities closest to the resources benefit from the projects. By outsourcing the extraction process to local entities while managing the logistics, sales, and distribution, MDR minimises the risks that often come with mining and avoids the pitfalls that have plagued foreign investors in the past.

“We’re not here to displace local players,” says Suri. “In fact, we’re doing the opposite. We’re working alongside them, giving them the tools and resources they need to scale, while we focus on bringing the product to market.”

This inclusive approach has allowed MDR to establish mining operations across several African countries. In Namibia and Zambia, the firm has secured mining rights through public-private partnerships, ensuring that the profits from these ventures benefit both the local economy and MDR’s investors.

Navigating Opportunities in Shipping

While infrastructure and mining dominate the headlines for MDR Investments, Prateek Suri’s vision extends to the maritime sector as well. Shipping, the backbone of global trade, presents a unique opportunity for large-scale investment in Africa. Recognising the potential of this industry, Suri and MDR Investments have entered the shipping market with a strategy aimed at capitalising on defunct or undervalued maritime assets.

“We realised that many shipping companies in Africa and other regions had defunct ships that were no longer operational,” Suri explains. “These ships were sitting idle, often due to financial constraints or regulatory issues. That’s where we saw an opportunity to step in.”

MDR’s approach to shipping involves acquiring these defunct companies or ships at a fraction of their original value, then turning them around through strategic partnerships. Suri highlights one such case in Nigeria, where MDR acquired a shipping company valued at $65m for just $7m. By restructuring the company and selling its assets as scrap, MDR was able to generate a significant return on investment.

“We don’t get involved in the operational details of dismantling the ships or handling the scrap,” Suri adds. “Instead, we facilitate the deal, bringing together buyers and sellers and ensuring the transaction is completed smoothly.”

This low-risk, high-reward strategy has allowed MDR to make a significant impact in the shipping sector without the complexities of day-to-day operations. By focusing on the financial and logistical aspects, MDR continues to unlock value in underutilised sectors like maritime, contributing to its growing portfolio of infrastructure and resource investments across Africa.

Learning From Previous Success: A Logistics Blueprint for MDR

Maser’s incredible success has given Suri a deep understanding of what it takes to operate in African markets. Suri says Maser achieved its $1bn revenue milestone by mastering the logistics of working in challenging environments and building a product offering that resonated with African consumers. These lessons are now being applied to MDR’s infrastructure and mining ventures.

“At Maser, we learned how to navigate complex regulatory environments, build trust with local partners, and deliver products that people truly need,” Suri explains. “Those same principles apply to MDR. It’s about understanding the market, working with the right people, and staying committed to the long-term vision.”

Suri is quick to point out that Maser’s achievements in Africa were no easy feat. The company faced numerous challenges, from currency fluctuations to logistical nightmares and regulatory hurdles. But instead of viewing these as roadblocks, Suri saw them as opportunities to innovate.

“Doing business in Africa is not easy,” Suri admits. “But that’s what makes it so rewarding. The challenges force you to think outside the box and come up with creative solutions. Maser succeeded because we were able to adapt quickly to the market’s needs, and we’re doing the same with MDR.”

Expanding Beyond Africa

While Africa remains the primary focus for MDR, Suri has his sights set on new horizons. Latin America has caught his attention. With similar challenges to Africa in terms of infrastructure and resource development, Suri believes that MDR’s model can be successfully replicated in countries such as Brazil, Argentina, and beyond.

“We’ve already begun laying the groundwork for our expansion into Latin America,” Suri reveals. “We see a lot of similarities between the two regions, particularly when it comes to infrastructure and natural resources. The opportunities are immense, and we believe MDR can make a significant impact.”

Despite his global ambitions, Suri remains deeply committed to Africa’s development. “Africa is where we started, and Africa will always be at the core of what we do,” he says. “But as a global company, we have the ability to bring our expertise to other emerging markets and help them achieve their potential.”

The Future

As MDR continues to grow, its mission remains clear: to build the infrastructure and mining projects that will drive Africa’s economic future. With a $500m fund already in place and a proven track record of success, MDR is well-positioned to play a key role in Africa’s development for years to come.

“At the end of the day, it’s about more than just making money,” Suri says. “It’s about creating lasting change. Whether it’s in Africa or Latin America, we’re committed to investing in projects that make a real difference in people’s lives.”

But it’s not just infrastructure, mining, and shipping where MDR is looking to make an impact. On its website, the company further highlights how it is deeply embedded with technologies that are shaping tomorrow. In the realm of deep tech, MDR is investing heavily in AI and AI-safety enterprises, aiming to boost global productivity and efficiency. The firm is also leading efforts in blockchain and crypto, championing decentralised economies and trustless systems to set new standards in financial security and sovereignty.

With Prateek Suri at the helm, there’s little doubt that MDR Investments is positioning itself to be one of the driving forces in Africa’s future growth story, paving the way for a new era of investment in the continent’s future.