A statement released by PKF Consulting reads, "NOTICE is hereby given that Peter Kahi of PKF Consulting (K) Limited, Kalamu House, Grevillea Grove, Westlands, and PO Box 14077-00800 Nairobi, was appointed as the Administrator of Sendy Group of Companies, comprising Sendy Kenya Freight Limited (Under Administration) company number PVT-Q7UDVX5, Sendy Limited (Under Administration) company number CPR/2014/140428, Sendy Store Limited (Under Administration) company number PVT-PIUQRL9, and Sendy Kenya Marketplace Limited (Under Administration) company number PVT-MKUJX57 on 20 September 2023."
Administration is a formal insolvency process that entails an appointed insolvency practitioner taking control of the company's operations while developing a long-term business plan. Consequently, the directors of Sendy are no longer responsible for the day-to-day management of the organization.
The appointed administrator has called upon all parties owed by Sendy to submit their claims, with a deadline of October 19, 2023. Claimants are required to provide all pertinent documentation as evidence.
Sendy has faced a tumultuous period recently, including staff layoffs before eventually ceasing operations last month. Media reports indicated that the fulfillment company was incurring monthly expenses of up to 1 million USD.
The loss-making startup had been actively seeking a buyer, similar to Sky Garden, but it appears that this endeavor was unsuccessful, ultimately leading to the company's administration.
Funding in the African startup landscape has hit a new low in 2023, posing challenges for many startups. Previously, Sendy had been successful in raising capital, securing Kshs 2 billion in a 2020 funding round with global backers led by Atlantica Ventures and Toyota Tsusho Corporation, Toyota's investment arm. Just last year, the company had also received funding from MOL PLUS.
Challenging economic conditions in the region, including reduced order volumes and escalating fuel prices, have placed considerable strain on the logistics company, resulting in deliveries being conducted at a loss.