Sendy

Kenyan logistics startup Sendy is shutting down operations and selling its assets after running out of funds, marking the end for a company once valued over $80 million. The B2B e-commerce and logistics firm, which had targeted raising $100 million last year, struggled with operational costs and pricing challenges. After a 10% workforce reduction in July 2022, Sendy laid off 54 employees in October 2022 and exited the Nigerian market in February 2023 as part of severe cost-cutting measures. Unable to secure sufficient new investment or a buyer, the company ceased operations around August 2023, leaving it unable to cover salaries and forcing an asset sale.

In July 2022, Kenyan logistics startup Sendy laid off 10% of its workforce, affecting 30 employees out of a total of 300. The company, founded in 2015 and based in Nairobi, cited global economic pressures impacting tech companies as the reason, stating the move was part of a restructuring to drive efficiency and manage costs. This downsizing followed a broader trend in the African tech sector, where startups are facing reduced venture capital funding and economic headwinds. Sendy, which had raised $26.5 million and previously aimed for a $100 million round to expand into West and Southern Africa, also reportedly paused its expansion plans into Egypt and South Africa. The layoffs highlight the challenges faced by growth-stage startups in the logistics and transport industry amid a global tech downturn.