Mitsui O.S.K. Lines’ corporate venture capital arm, MOL PLUS, invests an undisclosed amount in Kenya’s sendy to support its expansion in Kenya, Uganda, Nigeria, and Ivory Coast.
With the help of funding from MOL PLUS, which is part of a larger round, this objective will be accomplished.
Sendy serves clients such as Unilever, DHL, Maersk, Safaricom, Kenya’s largest telco, and Jumia, an African e-tailer. Additionally, it offers eCommerce, enterprise, and freight delivery services. Using an app, the company manages deliveries, creates performance metrics, and coordinates contract drivers who own their vehicles.
Read also: Kenyan e-commerce startup Sky.Garden faces closure
Sendy next move
As Sendy determines its next move, the financing, which looks to be a bailout fund, is anticipated to keep things afloat. Sendy’s strong cost-cutting efforts over the previous three months appear to have coincided with the financial discussions with MOL PLUS.
The technology firm creates simple technological solutions that let companies sell, transport goods, and obtain funding.
Sendy offers the simplest way for businesses of any size to move goods through a portfolio of fulfillment services (Direct Fulfillment, Smart Fulfillment, All in one Fulfillment), allowing them to increase efficiency and growth.
”The opportunities to improve logistics and supply chain inefficiencies across Africa are great. We believe our financial and operational partnership with MOL PLUS & MOL Logistics Co., Ltd.(MOL Logistics) will drive a huge impact not only for the growth of Sendy and its fulfillment network but also for the Merchants we serve as we continue to offer more value add and solutions to help them grow and trade more. We will work with MOL Logistics to leverage their strengths and expertise in logistics and cross-border fulfillment, to grow our services and network of businesses we serve.” Mesh Alloys, Founder and CEO, Sendy, said in a statement
MOL Logistics offers integrated supply chain and logistics solutions to companies all around the world. MOL PLUS, a corporate venture capital fund managed by MOL, invests in high-impact businesses reshaping the global ocean shipping and logistics industries.
“We were very specific in choosing to invest in Sendy because of the solution that they offer; we share a common goal. We all want to democratize logistics and support businesses in Africa to move their goods reliably and affordably. We look forward to an exciting partnership with Sendy as we forge this joint mission. We endeavor to work with partners with innovative ideas like Sendy through creating synergies and collaborations that will generate value.” Takuya Sakamoto, a representative of MOL PLUS, said in a statement.
The Benefits Of Sendy and MOL Partnership
MOL PLUS partners with Sendy-like sendy other investors, Toyota Tsusho Corporation and Atlantica Ventures to support the expansion of fulfilment services in Kenya, Uganda, Nigeria, and Cote d’Ivoire.
The Partnership of Sendy and MOL opens the door for fantastic synergies that will streamline logistics for business. To offer more mid-mile and last-mile services to its shipping and freight clients, MOL will collaborate with Sendy. By giving companies of any size the simplest way to move goods, Sendy hopes to expand its fulfillment operations across the continent and help those companies become more efficient and successful. This is consistent with the organization’s mission, which is to empower people and businesses by facilitating trade.
Sendy, Meta and Innovation Growth Hub offers free training programs to SMEs
Sendy Layoff news
Sendy laid off 84 workers between August and October, or around 28% of its 300-person workforce. The business discontinued its final B2C product in September, switching entirely to a B2B business, and in October, it discontinued Sendy Supply, one of its key offers. The layoffs were earlier attributed by CEO and co-founder Mesh Alloys to “current realities hurting ICT enterprises internationally.”