Daniel Yu, co-founder and CEO of Wasoko, has stepped down following the landmark merger with Egypt-based MaxAB, which was completed in August 2024. After more than 11 years leading the company, Yu announced his decision to leave daily operations while remaining an advisor.
This change has come as the United E-commerce business services over 450,000 informal retailers in five African countries.
Leadership change after Wasoko-MaxAB merger
Yu’s departure comes amid ongoing leadership restructuring after the merger, which was first reported in late 2023 and finalised in mid-2024.
The merger between Kenya’s Wasoko and Egypt’s MaxAB created one of Africa’s largest B2B retail platforms, aiming to reorganise and strengthen operations under one banner.
MaxAB co-founder Belal El-Megharbel has taken over as sole CEO, steering the company through the integration phase and towards operational profitability.
In a LinkedIn post, Yu expressed his pride in Wasoko’s accomplishments under his tenure and his gratitude to the team, investors, and partners.
“I’m forever proud of what we achieved,” he said, sharing plans to relocate to India and focus on personal projects, including his role with Malengo, a nonprofit supporting education access for underprivileged students.
Growth and challenges in informal retail tech
Under Yu, Wasoko, formerly Sokowatch, grew rapidly into a major player in Africa’s informal retail technology sector. Tiger Global, 4DX Ventures, and Quona Capital valued Wasoko at over $600 million.
In 2024, like many African tech startups, the startup faced valuation downgrades, regional operational pullbacks, and workforce reductions.
Due to these economic pressures and the need to consolidate resources, Wasoko and MaxAB integrated their technology stack and operations in under two months, transitioning from volume-focused growth to profitable operations in three of their five African markets.
Wasoko’s role in Africa’s retail ecosystem
The combined platform connects over 450,000 merchants, reaching 65 million consumers across its markets. This scale positions the entity as a key distributor for small traditional African retailers, facilitating supply chain access and financial services for informal businesses. With a workforce exceeding 4,000 employees, the company plays a crucial role in modernising retail supply chains on the continent.
While Yu steps down from daily leadership, his advisory role indicates continuity as the company navigates its next stage. The merger solidifies Wasoko-Maxab’s presence as a significant B2B e-commerce force responding to the challenges and opportunities within Africa’s informal retail sector.