Co-founder of Wasoko, Daniel Yu resigns a year following the merger with MaxAB
Wasoko, one of Africa's largest retail-tech startups, has undergone a significant change in leadership following the departure of its founder, Daniel Yu. The new CEO of the combined Wasoko-MaxAB company is Belal El-Megharbel, co-founder of MaxAB, who now leads the merged entity as the sole CEO.
The move comes a year after Wasoko merged with Egypt's MaxAB, a move that brought together two companies with nearly equal stakes. The merged business operates in Kenya, Tanzania, Rwanda, Egypt, and Morocco, creating a regional leader in an active B2B supply chain market.
The combined entity is headquartered in Cairo, and the merger has resulted in a significant restructuring. Over 100 employees were laid off during this period, and key Kenyan executives, including Wasoko's CFO, CTO, and head of HR, exited in early 2024.
Daniel Yu made the announcement in a LinkedIn post on Thursday, stating that he is relocating to India and will focus on personal projects, including his work as board chair of Malengo. He will remain involved as an adviser but will no longer run day-to-day operations.
The merged business served 450,000 merchants reaching 65 million consumers in August 2024, but the new valuation has yet to be disclosed. Wasoko was last valued at $625 million and has raised more than $230 million from investors.
The merger has been a significant step forward for the retail-tech industry in Africa, consolidating two major players and creating a formidable force in the market. As Belal El-Megharbel takes the helm, the future of the combined entity promises to be an exciting one.
