Copia,, however, considers this step a way to build and focus on Kenyan business to profitability.
As reported in a statement by the company, Given the economic downturn and constrained capital markets are expected to continue for some time, Copia plans to double down on efforts to drive our founding Kenya business to sustainable,scaled profitability.
Copia pauses Uganda operations due to massive losses
The statement expatiated that the companys decision should not be considered bizarre because many of the best companies in Africa and beyond deploy this strategy in responding to the market profits.
As seen in the statement This decision is consistent with many of the best companies in Africa and across the world, which are responding to the market environment and prioritizing profit.
ItcompletedaSeriesBdrivein2021, raisedKES 2.6billion, and also shook up its administration by recruiting Betty Mwangi to its board of directors(former executive of Safaricom), who formerly held the position of CEO of Jumia Kenya.
The startup also raised 50 million in a Series C equity round led by Goodwell Investments in January 2022.
The Kenyanbased business appointed Caren Robb as Global Chief Financial Officer, Mike King as Chief Technology Officer, and inhouse leader Dominic Dimba as Managing Director for East Africa October of the same year, to collaborate and a team and function in the capacities of regional growth and expansion with urgency.
As regards the business suspension in Uganda, the number of employees that would bear the consequence of this decision is unrevealed, but Copia argued that this approach would enable a successful pursuit of its panAfrican ambitions to expand its market and be in service of 800 million middle and lowincome consumers through the power of ecommerce.
Read More Kenyan ecommerce Company, CopiaKenya Secures 5 Million Equity Funding
With a network of over 40,000 digitalenabled Agents across Kenya and Uganda, 2 million customers and over 13 million orders to date, Copia provides a seamless shopping experience to all customers regardless of their income level, access to technology, or location.
The company provides access to a previously underserved market of middle to lowincome African consumers.
The company said that its optimism to expand to other African countries would be suspended due to economic recession and an unyielding capital market.
The mobile platform is taking this step just a few months after its launch in Uganda.
- About Copia
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