Co-founder of Wasoko, Daniel Yu, steps down from his position shortly after the merger with MaxAB.
Wasoko, one of Africa's largest retail-tech startups, has undergone significant changes following the departure of its co-founder, Daniel Yu. The move comes a year after Wasoko merged with Egypt's MaxAB in an all-stock deal.
Belal El-Megharbel, the founder of MaxAB, is now leading the combined Wasoko and MaxAB as CEO. Daniel Yu, who co-founded Wasoko in 2013, has stepped down from his day-to-day operations and will remain involved as an adviser.
The merger, which combined two companies with nearly equal stakes, has led to multiple restructurings. Wasoko's Zanzibar office was shut down, and operations in Uganda and Zambia were paused. Over 100 employees were laid off during this process.
Despite these changes, the merged business continues to thrive. In August 2024, it served 450,000 merchants who reached 65 million consumers. The new management has kept the company's headquarters in Cairo, where MaxAB was based.
The new valuation of the merged business has not been disclosed, but Wasoko was last valued at $625 million. The company has raised more than $230 million from investors, including Tiger Global and Silver Lake.
Daniel Yu is leaving his full-time role at Wasoko after over a decade and will focus on personal projects, including his work as board chair of Malengo. He is also relocating to India.
Meanwhile, the Moonshot event by our website is set to take place in Lagos on October 15-16. Stay tuned for more updates from the world of technology and business.
