Firm business

Sendy targets West Africa with stake in Ivorian company

Companies

Sendy targets West Africa with stake in Ivorian company


A Sendy jumper. NMG PHOTO | DIANA NGILA

BDgeneric_logo

Summary

  • Sendy Ltd, a Kenyan digital logistics company, has acquired a minority stake in an Ivory Coast-based company as part of a strategy to expand business transactions in West Africa’s largest seaport .
  • The tech-logistics start-up has teamed up with Mobility 54 Investment SAS – a venture capital unit of Japan’s Toyota Tsusho and its subsidiary CFAO Group – to buy a “significant stake” in Kamtar International for an undisclosed amount .
  • Kamtar, launched in February 2018, connects truckers with small and large businesses in West Africa.

Sendy Ltd, a Kenyan digital logistics company, has acquired a minority stake in an Ivory Coast-based company as part of a strategy to expand business transactions in West Africa’s largest seaport .

The tech-logistics start-up has teamed up with Mobility 54 Investment SAS – a venture capital unit of Japan’s Toyota Tsusho and its subsidiary CFAO Group – to buy a “significant stake” in Kamtar International for an undisclosed amount .

Kamtar, launched in February 2018, connects truckers with small and large businesses in West Africa.

Sendy, which opened a store in 2015, will use the investment to develop business at the port of Abidjan, Africa’s second-busiest port after the port of Durban in South Africa, which also serves landlocked countries such as as Mali, Burkina Faso, Guinea and Chad. and Nigeria.

The Kenyan logistics start-up said it would leverage its “technology, expertise and wider range of services to bolster Kamtar’s capabilities” in Côte d’Ivoire and Senegal, with the aim of expand to other French-speaking West African countries by the end of 2022.

“Today, we hold a minority stake. Going forward, we are 100% confident that we will seek to increase our stake in this company,” said Sendy, Mesh Alloys Founder and CEO over the phone.

“The goal is to see what synergies are possible in the future and for us to help them grow and also understand this market.”

Sendy, which claims to have around 10,000 delivery drivers on its platform, raised $19.9 million (2.2 billion shillings) in January last year to expand beyond the bloc. the East African Community to West, South and North Africa.

“This strategic investment will help us achieve Sendy’s long-term goal of expanding our presence in West Africa and supporting our current customers looking to expand or enter the West African market,” said Mr. Alloys said in a statement.

“We share a common vision with Kamtar to facilitate trade across Africa and look forward to the opportunity to collaborate with Kamtar on product development and technology solutions for customers across the region.”

Some of the companies using the Sendy app for e-commerce and delivery services include Safaricom, Jumia, Maersk, Unilever, and DHL.