Kenya's Copia, a mobile commerce platform, is halting its African expansion plans and suspending its operations in Uganda. The company attributes the decision to unfavorable economic conditions and constrained capital markets.
Copia has chosen to focus on building its Kenyan business, which is rapidly growing its e-commerce services. The company provides a low-cost distribution capability for middle-income consumers using a network of over 50,000 agents.
Copia launched in Kenya in 2013 and has fulfilled more than 10 million orders using proprietary logistics, mobile technologies, and local agents. The platform targets a market that formal retail and Western e-commerce models cannot reach by offering quality products at low market prices and providing delivery at no cost to thousands of customers daily.
In January 2022, Copia raised $50 million in a Series C equity round led by Goodwell Investments. Later that year, the company appointed a Global CFO, CTO, and Managing Director for East Africa. The number of employees affected by the suspension of Copia's operations in Uganda is unknown.
Copia remains committed to expanding its services across Africa but will wait for more favorable market conditions before resuming its African expansion plans.
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