Sendy, a Kenyan logistics startup that enabled retailers to purchase FMCGs directly from manufacturers, among other services, is currently in the middle of acquisition process.
According to a TechCrunch report, Sendy is exploring a sale of its assets as options hence it ran out of cash to continue operations
Meshack Alloys, Sendy co-founder, confirmed the sale thus: “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.”
Hwoever, Alloys didn’t disclose the acquirers as at the time of filling this report.
But reports indicate the company ran out of funds two months ago and had been scrambling to cut costs for the past year to remain afloat.
Recall that in July, the company shut down SendySupply, one of its products, leading to a 20% of its staff lay off.
Sendy was co-founded in 2015 by Alloys, Evanson Biwott, Don Okoth and Malaika Judd. It has raised $26.5 million funding from several investors, including Toyota Tsusho, Atlantica Ventures, VestedWorld, Keppel Capital, Enza Capital, AAICA Investment Pte Ltd, Sunu Capital and Goodwill Investments.
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