Sendy Group of Companies, a logistics startup based in Kenya, has entered administration after failing to secure more funding and facing financial difficulties.
The company made the decision on September 20 that Peter Kahi of PKF Consulting Limited was appointed as the Administrator, who will take over the management and operations of four subsidiaries: Sendy Kenya Freight Limited, Sendy Limited, Sendy Store Limited, and Sendy Kenya Marketplace Limited.
The directors of these companies have consequently lost their authority and power to run their businesses.
“Any party having a claim against the Companies should submit their claim in writing together with relevant supporting documentation and a proof of debt form, to the Administrator on or before 19 October 2023 for consideration,” the company said in a newspaper notice.
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Sendy, which was founded in 2014, had raised $26.5 million in disclosed funding and expanded its services to Uganda, Tanzania and Nigeria. However, the company struggled to survive after an unsuccessful attempt to raise another $100 million last year.
As a result, Sendy had to cut costs by laying off 30% of its staff and shutting down some of its product lines, such as its supply service in Kenya and its end-to-end fulfillment in Nigeria. In August, Sendy co-founder and CEO Meshack Alloys confirmed to TechCrunch that the company was in the process of being acquired.
Sendy’s entry into administration is a blow to the logistics sector in Africa, which has seen increased competition and innovation in recent years. Sendy’s rivals include Kobo360, Lori Systems and SafeBoda.
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