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Wasoko's Growth and Valuation Update

  • VNV Global slashes Wasoko's valuation by 48%.
  • It achieved $300 million annual GMV and amassed 200,000 retailers.
  • Partnerships with major suppliers like P&G, and Unilever.

VNV Global, a Swedish investment company, has cut the valuation of its position in African B2B e-commerce startup Wasoko for the last time. According to VNV’s most recent annual report for 2023, the value of Wasoko has decreased by a striking 48%. 

Wasoko’s fair value as of December 2023 was $260 million, having valued VNV’s 4.2% ownership interest at $10.9 million. It is important to note that the actual valuation seems to be from the past assessment taken in Q4 2022 when Wasoko was valued at $501 million. 

Despite Wasoko’s assessment, the company still takes pride in having VNV as a major investor, noting attentively that the investment firm had not considerably decreased its position in the commerce startup. 

Wasoko, based in Nairobi and Africa’s leading B2B grocery marketplace, cooperates with suppliers such as P&G and Unilever. The company was founded by Daniel Yu in 2014, and since then, it has grown its footprint into six additional African markets by 2022. 

During the period under review, Wasoko achieved a gross merchandise value of more than $300 million annually. Over the same year, the company reached more than 200,000 small retailers, who utilized its application to buy groceries and household goods responsive for their stores. 

In addition to continuing to operate in its three largest markets i.e., Kenya, Rwanda, and Tanzania, Wasoko offers financial services to its merchants and is close to completing its merger with Cairo-based MaxAB by the end of this month.

Edited by Shruti Thapa