Sendy, a Kenyan logistics startup that allows retailers to purchase FMCGs directly from manufacturers making plans to be acquired after shutting down its operations.
Sendy was co-founded in 2015 by Meshack Alloys, Evanson Biwott, Don Okoth and Malaika Judd. It has raised $26.5 million in disclosed funding from several investors, including Toyota Tsusho, Atlantica Ventures, VestedWorld, Keppel Capital, Enza Capital, AAICA Investment Pte Ltd, Sunu Capital and Goodwill Investments.
According to reports, Sendy exhausted its funds two months ago and had been looking to cut costs for the past year to survive. Back in July, it announced a 10% reduction in its workforce. Last October, the Kenyan startup laid off 54 employees and shut down its supply service — and this February, it exited its end-to-end fulfilment offering in Nigeria, a market it entered two years ago.
Meshack Alloys, Sendy co-founder said of the acquisition: “We 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.”
TechCrunch says the Kenyan startup, valued at over $80 million late last year, was in talks with several investors to raise additional capital a few months back but at a lower valuation of $40 million to $60 million. However, one of its key investors backed out of the transaction, leaving Sendy short on funds for the last two to three months, including funds to cover salaries — it is now attempting to sell some of its assets, the people said.
