Color LogoLoading...

šŸŒ Feed

āœšŸæ Compose

Wasoko and MaxAB Trim Workforce by 10% Amid Merger Talks Advancement

Wasoko and MaxAB Trim Workforce by 10% Amid Merger Talks Advancement

#business
#retail
#e-commerce
#employment
#retail-tech
Discover the latest developments as Tiger Global-backed Wasoko and Egyptian counterpart MaxAB reveal plans to cut 10% of their combined workforce during the integration phase of their anticipated merger. CEOs Daniel Yu and Belal El Merghabel are steering the transition, ensuring affected employees receive severance packages, and even allowing them to retain stock options. Stay tuned for insights into this strategic move shaping the future of e-commerce leadership in Egypt and East Africa.

- Tiger Global-backed Wasoko and MaxAB plan to cut around 10% of their combined 4,000 employees during the early stages of their merger.

- Integration efforts involve the Egyptian team from MaxAB taking control of product and engineering teams.

- CEOs Daniel Yu and Belal El Merghabel confirm leadership roles in the newly formed entity, with affected employees offered severance packages and the unique opportunity to retain stock options.

- The merger, announced in December 2023, aims to create a prominent e-commerce leader with a substantial gross merchandise value.

- Details on the expected valuation of the new firm remain undisclosed, but industry insiders anticipate the emergence of a unicorn with a combined GMV of approximately $50 million.


šŸŒ Industry Insight:

Explore the evolving landscape of Africa's tech market as e-commerce startups like Wasoko and MaxAB respond to investor interest and reshape the informal wholesale market for consumer goods online. 


Read more on TechCabal

Top comments(0)

SEND

You may like this too...

TechCabal

Kobo360, the logistics powerhouse backed by Goldman Sachs, is rolling out HaulSightā€”an innovative fleet management software designed to help Africaā€™s major manufacturers streamline operations, track vehicles, and cut costs in real-time. With rising fuel prices squeezing margins, HaulSight presents an efficient way for companies like Dangote and Unilever to maximize fleet potential. Will this be a game-changer for Africa's logistics industry?
Nov 11, 2024

Disrupt-Africa

Chumz, a Kenyan fintech that enables users to set savings goals with mobile money, has reached 200,000 users and is testing its services in Rwanda. With unique prompts encouraging behavior-based saving, Chumz empowers users with accessible financial tools. Expansion plans target 1 million users across East Africa by 2026.
Nov 6, 2024

Bird Story Agency

As more and more services move online across Africa, giant players like Safaricom, MTN and Airtel are stepping up their efforts to provide Africa with large, green-energy data centres.
Nov 4, 2024

Bird Story Agency

Africa's Gen Zs, promised opportunity, innovation and new technology but faced with the very real world of a workplace in flux, constrained labour markets, high inflation and increasing criticism of their work ethic, are finding very little to cheer about. So a growing number of African universities are stepping in, hoping to bridge the gap between academic qualifications and real-world demands.
Nov 3, 2024

TechCabal

šŸŒ Access Bank secures the green light to acquire Kenya's National Bank, expanding its reach across East Africaā€™s largest economy. With an estimated $100 million deal, Access Bank will increase its footprint to 77 branches across 28 counties. Hereā€™s what this move means for Kenyaā€™s banking sector! šŸ’ø
Oct 31, 2024

Disrupt-Africa

Nigerian fintech leader Moniepoint has secured $110 million in Series C funding to supercharge its digital banking platform for businesses across Africa. With a track record of innovation and impact, Moniepoint is poised to transform financial access on the continent, bringing seamless banking, payments, and credit services to millions.
Oct 29, 2024

TechCabal

Stanbic Bank Kenya has completed a major upgrade of its core banking software, aiming for enhanced security and improved user experience. Despite brief service disruptions, the bankā€™s transition to the latest technology signals a drive for modernized banking in a competitive market.
Oct 27, 2024

TechCabal

Kenya is set to revolutionize its financial landscape with the introduction of a new Fast Payment System (FPS). This cutting-edge platform will ensure seamless transactions between banks and fintechs, eliminating existing barriers. The FPS promises to enhance accessibility, making financial services more convenient for all Kenyans.
Oct 18, 2024

TechCrunch

šŸŒ From humble beginnings in Africa, InstaDeep has grown into a global AI powerhouse. In just over a year under BioNTechā€™s umbrella, the startup continues to drive innovation in biotech and beyond. CEO Karim Beguir reveals how InstaDeepā€™s cutting-edge AI is revolutionizing healthcare and industrial optimization alike.
Oct 15, 2024

TechCabal

M-KOPA, a Kenyan fintech giant known for financing solar systems and smartphones, has appointed former Nokia CEO Rajeev Suri as its new board chair. As the company gears up for rapid expansion, Suri's leadership is set to guide M-KOPA into a new era of growth and innovation. With over 5 million users across Africa, M-KOPA is reshaping digital and financial inclusion.
Oct 14, 2024
Home
Business Hub
Market Hub
You
By signing up you agree to ourTerms|About us|Market Hub|Business Hub|Deals Hub