📈 Y Combinator-backed Nigerian food delivery startup, Chowdeck, achieves remarkable growth, crossing ₦1 billion ($1.2 million) in monthly gross merchandise value (GMV), with a 10x increase in GMV in just ten months. The company reports over 60,000 active users in October, up from 7,000 in January, and boasts a profit from each delivery with a more than 25% take rate per order. 🚀

🛵 Chowdeck now has 1,300 riders across four Nigerian cities, averaging 10,000 daily deliveries. The growth in October was organic, without marketing campaigns, as the startup focused on adding new features and applying Y Combinator's learnings. The food delivery industry in Africa has seen significant growth due to COVID-19, with Nigeria's online food delivery market being highly competitive. 🍔

📈 Despite the challenges of rising costs and the removal of the fuel subsidy in Nigeria, Chowdeck decided not to compete on pricing but to improve its product and increase rider earnings. The startup hired agents to validate orders at busy restaurants and incentivized riders for faster deliveries, setting itself apart in the market. 🚀🍕

🌍 The African food delivery industry is expected to grow 18% annually and reach $7.45 billion in revenue this year. 🔥

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