29 Aug 2023
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.