A startup company in Kenya, Twiga Foods, is making significant changes to its business structure, including laying off 59 employees as part of its restructuring efforts. This comes after a previous round of layoffs where 283 employees were let go in August 2023.
The company stated, “These changes are crucial as Twiga accelerates towards profitability and continues its mission of revolutionizing food distribution in Africa through innovative digital solutions.”
Twiga Foods is also planning to create 25 new positions in the growth and innovation departments.
In recent developments, Twiga faced legal challenges with a cloud provider over unpaid bills, shedding light on its financial struggles. The departure of the founder and CEO, followed by the appointment of a new executive from a well-known company, added to the company’s turbulent year.
The new CEO, Charles Ballard, commented, “These adjustments will allow us to improve our service offering and lay a stronger foundation for sustainable growth in the years to come.”
Additionally, Twiga secured $35 million in convertible bonds in November 2023 from various investors, including existing ones and new backers.
