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Y Combinator-Supported Nigeria Food Procurement Start Vendera The employee changed the payment structure and searched for fresh capital, learned TechCrunch.
This is after it was pulled 44% of the workforce – 120 employees are around, starting it The second round of work is cut in five months. In the latest development, the traditional salaries of startup employees were replaced by a capital share option plan (ESOP), with internal documents taken by Techcrunch.
Five-year-old starting $ 30 million in the array Partich Africa and TLCOM leaders, the reconstruction should go to the progress of profitability.
The vende’s new compensation model includes a five-phase salary plan, says documents.
In February, all employees received 140,000 (~ ~ 90 $ 90) paid, regardless of the previous payment. Although the company does not indicate these goals, but if they do not indicate these goals, the employees will increase their performance targets.
Compensation is expected to restore the company’s full salary of contingent to 90% of the company and 90% of 90% and 90%, 90% of the company and employees.
Unpaid parts of salaries are paying for sharing options under the ESOP, 50% pay for more than ten months and for three years. However, the employees can implement these options only in a fair market value approved by the plaque, according to the agreements of employees.
The company has confirmed the changes in the employee, now expressed whether it was at a point near Rentabellia.
“Vendase has been reconstructed in both its work and operations. We want to focus on the company’s company and managing ourselves, to facilitate OPEX-heavy operations with technology,” he said.
The company says that more financially increased, while the company is aimed at promoting the productivity of employees. “We only spend what we have earned, which keeps us in a row and profitability in profitability,” he said.
More than 150 employees have been remembered, the vende is betting in EU-based efficiency to reduce internal reconstruction, fresh capital and costs and reduce operations. As the company pointed out, it means that it is aimed at growth and gradually warehouses and logistics operations and double growth and double growth and credit market in the credit market.
Bet in BNPL to stay in Aflo
In 2019, Tunde Kara, Olumide Fyandin, Gatumi Aliyu and Wale Oyepeju, Vendeas, African restaurants and food purchases for food enterprises were established.
The beginning, it was claimed that the cost of food supply, which is the value of the enterprises working every year. There was up to 2022 400,000 metric tons of food for more than 2000 clients were transferredThe acquisition said that the cost of purchasing costs $ 2 million and Nigeria, on its main market, reducing the costs of jumping for about $ 500,000.
However, the last two years, the vende and many of the many Nigeria were brutal without FX-denomination income. The series in September 2022, Nigeria’s revenues in Naira have risen three times, but in the last three years, the sharing depreciation of the currency has deleted gains according to the dollar terms. Inflation increased operating costs to increase the income for capital and human intensity.
Over the past year, one of the main income drivers of the vende is then paid the product. Traditional loans often avoid food institutions due to volatility and fragmentation. However, Vendase manages the knowledge of the credit chain with a market place connecting financial institutions with food institutions.
The company requires a standard rate under 1% over the past two years and has More than $ 70 million on credit Since September 2024.
CFO Mohamed Chaudry has joined January 2024, helped to identify BNPL as the main way of profitability. But despite some of the last sticks, the loan product is not enough to get a vendee there.
His appointment has set off the proceeding again to tighten financial controls and expand the cash runway, which can last only a few months according to sources.
Thus, the company will use a bridge to increase the round and in negotiations with new investors, it will be used to finance technology growth and expanding than the operating costs.
Meanwhile, the sources also say that Vendea Horeca (hotels, restaurant, restaurant and catering) and other players in the FMCG sector are investigating potential sales.
The company is in addition to the controversy, and it insists that it is another way. “When you are a fast-growing job that works in a unique space, especially for M & A, yes, Vendeye approached, but the founders are not sold soon, we pay attention to a spokesman,” he said.
