In November 2024, Nigerian truck-hailing startup Kobo360, backed by Goldman Sachs, conducted a company-wide layoff across its seven markets as part of a restructuring effort. In its largest market, Nigeria, at least 30 out of 50 employees were cut, representing a 60% reduction in that team, though the total global impact remains unclear. The layoffs followed the departure of the ex-CEO, who cited fundraising difficulties, and coincided with other executive resignations. The company, operating in the logistics and transport industry, is restructuring its business, pausing most operations to reduce costs and extend its runway after last raising $48 million in 2021.
