Sendy will reportedly no longer conduct business and is thinking about selling its assets

26 Apr 2024

Sendy will reportedly no longer conduct business and is thinking about selling its assets.

Sendy, a logistics-focused business in Kenya, is apparently winding down operations and thinking about selling its assets. The purchasing business, the dollar amount, and any prospective workforce changes are among the unreleased details of the transaction. The business has acknowledged an ongoing acquisition process, but at this time, it is unable to disclose more information.

Sendy encountered financial challenges, depleting its funds a couple of months ago, prompting efforts to reduce expenses since 2022. Back in 2022, Sendy aimed to secure $100 million in funding but received only a fraction from MOL PLUS, the corporate venture capital arm of Japanese transportation firm Mitsui O.S.K. Lines.

Consequently, Sendy explored alternative avenues for business support, including new funding and potential buyers. In the past year, negotiations for additional funding from various investors were underway, but one major investor withdrew from the deal, leaving Sendy financially strained for several months, including difficulties in paying salaries.

Founded in 2015 by Meshack Alloys, Evanson Biwott, Don Okoth, and Malaika Judd, Sendy offers eCommerce, enterprise, and freight delivery services to prominent clients like Unilever, DHL, Maersk, Safaricom, and African online retailer Jumia. The company connects customers and businesses with delivery drivers employing motorcycles, tuk-tuks, and vans across multiple locations.

Sendy raised $26.5 million from investors, including Toyota Tsusho, Atlantica Ventures, VestedWorld, Keppel Capital, Enza Capital, AAICA Investment Pte Ltd, Sunu Capital, and Goodwill Investments. In July 2022, the company reduced its 300-person team, discontinued supply services, and suspended operations in Nigeria.

Play audio


Share:

Comments

No comments

Add your comment

Search Blog

Recent Posts

How to Use Customer Feedback to Drive Product Innovation In today’s competitive marketplace, listening to c...
How Embedded Finance Is Changing Customer Expectations of Digital Banks Embedded finance is transforming the way consumers...
The Importance of Agile Methodologies for Startup Success In today’s fast-paced business landscape, where...
AI Will Power the Next Wave of Financial Inclusion, Says SANEF’s Uche Uzoebo As progress continues in enhancing financial inc...
Meta Rolls Out New Facebook Measures to Suppress Spam and Support Real Creators Meta has announced a series of new measures aime...

Related Post

Logidoo Opens Global Trade Channels for African Businesses with Groupage Shipping
Logidoo, the pan-African logistics platform, has announced an important pivot to...
Lagos Turns Up for PUBG MOBILE Community Event with 1,000+ Attendees
On March 28, 2025, Lagos transformed into the ultimate gaming destination as PUB...
From Waste to Worth: LG Inspires Eco-Action with Hinckley Recycling Partnership
In a commendable initiative coinciding with Earth Day 2025, LG Electronics has...
Logo

Accelerating the growth of Africa's tech ecosystem