His exit comes at a time when the company is desperately working to cut losses, attract fresh investment, and survive harsh economic climate.

Aside managing finance, Chaudry was involved in re-engineering the company’s structure. Before stepping down, he led a massive cost-cutting campaign that saw 180 staff dismissed. 

Pay structures were overhauled. Salaries were slashed and restructured to include equity-based compensation through the Employee Stock Option Plan (ESOP). The aim was to keep cash within the company and align employee performance with ownership.

“Alongside my CFO role, I also took on a dual COO role, overseeing the entire supply chain and leading a comprehensive restructuring initiative,” he stated. “Whilst I am proud of helping Vendease navigate and stabilise through this period, my passion has always been in scaling businesses rather than restructuring them.”

That restructuring came at a cost. The company, once prepared for expansion across Africa and the Middle East, was forced to pull out of Ghana. 

The economic challenges, especially the devaluation of the naira and high costs of operations, crushed any plans for aggressive scaling. The narrative flipped from growth to survival.

While many in the industry focused on layoffs, few paid attention to the big change in Vendease’s business model. The company overhauled its Buy-Now-Pay-Later (BNPL) system. A once flat-fee service is now monetised through daily interest charges.

This was designed to increase short-term revenue but that could complicate long-term relationships with vendors. It’s confident, maybe even risky, but in line with the company’s current tactics.

Internally, the changes divided opinion. Chaudry’s exit didn’t surprise those familiar with his background. A strategist by nature, not a firefighter, he has now moved on to launch The Scale Up CFO Hub, an education platform helping startup founders prepare for investment. 

It’s a move that aligns with his long-standing mission, supporting growth-stage companies, not cleaning up after financial missteps.

“I genuinely loved working with everyone on my team, probably the best team I have ever had the pleasure of leading,” he said in a message to TechCabal. Vendease refused to comment on the matter.

The timing of Chaudry’s resignation, paired with the intensity of Vendease’s cost-cutting, shows the company is under pressure from both external economic issues, and internal expectations of profitability. 

The former Vendease CFO is now refocusing on what he calls his real passion: helping businesses scale—not shrink.

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Mohamed Chaudry’s appointment highlights Vendease’s dedication to fortifying its executive team during a period of rapid growth and active fundraising initiatives.

Founded in 2019, Vendease has quickly established itself as a pivotal player in the food procurement sector in Nigeria and Ghana.

The company has revolutionized food business operations with innovative technology, offering real-time inventory tracking, predictive analytics for demand forecasting, seamless payments, and automated reconciliation.

These advancements optimize operations, cut costs, reduce waste, and enhance productivity. Beyond procurement, Vendease also offers customized financial services, such as Buy Now Pay Later (BNPL) service that enables businesses to manage their cash flow more effectively by providing flexible payment options, streamlined payment management and credit facilities tailored to meet the diverse requirements of the food industry.

These financial solutions play a crucial role in assisting businesses with cash flow management and investing in growth opportunities.

Vendease’s innovative technology has empowered over 4,000 African businesses to optimize their procurement processes efficiently and save them over $12 million in procurement costs.

Additionally, the company deployed $72 million in credit to support the growth of food businesses.

Tunde Kara, CEO of Vendease, expressed optimism about the company’s future, stating, ‘We are thrilled about the next phase of Vendease’s journey. Our fundraising effort will enable us to scale our operations and introduce groundbreaking solutions that redefine how businesses procure food supplies.’

The appointment of Mohamed Chaudry adds over 20 years of experience to the Vendease executive team, specializing in driving growth by scaling the business, securing funding, and implementing strategic financial strategies.

His focus at Vendease is on innovating and enhancing operational efficiency in food procurement across Africa.

Previously, as Group CFO at Foodhub, he played an instrumental role in expanding operations across 8 countries, achieving significant revenue growth and scaling the team.

At SeaJet, he successfully secured multi-million-dollar funding and spearheaded market expansion initiatives.

Mohamed Chaudry commented on his new role, saying,

“I am excited to join Vendease at such a pivotal moment. The opportunity to contribute to the company’s expansion and innovation in the foodtech space is truly inspiring. I look forward to working closely with the team to drive sustainable growth and deliver exceptional value to our customers.”

Vendease remains dedicated to advancing its platform, leveraging digital technology to optimize procurement efficiency and foster long-term partnerships within the food business ecosystem.

The company invites stakeholders, investors, and industry partners to join in its journey towards redefining food procurement through innovation and operational excellence.

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