Kenyan logistics startup Sendy shuts down, embarks on asset sale ๐Ÿ‡ฐ๐Ÿ‡ช

Kenyan logistics startup Sendy shuts down, embarks on asset sale ๐Ÿ‡ฐ๐Ÿ‡ช

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#finance
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#logistics
Sendy, a Kenyan logistics startup that enabled retailers to purchase FMCGs directly from manufacturers, among other services, is shutting down its operations and exploring a sale of its assets, TechCrunch has learned. Meshack Alloys, Sendy co-founder, confirmed the sale to TechCrunch without offering more details, saying: โ€œWe are in the middle of an acquisition process. So yes, Sendy is being acquired. We will issue a formal joint statement in two weeks or so time. In the meantime, we are unable to comment on further details at this time.โ€

Kenyan logistics startup Sendy, which facilitated direct purchases of FMCGs from manufacturers, is shutting down its operations and exploring asset sale due to financial difficulties. The company had been facing funding shortages for the past year and had implemented cost-cutting measures, including workforce reductions and exiting certain markets. Sendy had aimed to raise $100 million in funding but only secured a fraction of that from MOL PLUS, a Japanese transport company's corporate venture capital. Despite efforts to secure fresh capital and buyers, the startup's key investor backed out of a transaction, leaving Sendy with financial challenges. It is now in talks with other African B2B e-commerce and trucking companies for potential asset sales, affecting over 200 employees. Sendy, co-founded in 2015, had raised $26.5 million in disclosed funding from various investors.


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