Sokowatch is set to rebrand to Wasoko after it raised Ksh. 14.3 Billion million in Series B funding which was led by Tiger Global and Avenir Growth Capital.
The firm, offering a buy now, pay later option for retailers who need working capital to order more goods, was founded in 2015, by CEO Daniel Yu as an asset-light platform and a marketplace for distributing fast-moving consumer goods from suppliers to retailers.
Today it has delivered 2.5 million orders to over 50,000 informal retailers across Kenya, Tanzania, Rwanda, Uganda, Côte d’Ivoire, and Senegal with revenue growth over the past 12 months at over 500%.
Wasoko allows retailers from Kenya, Tanzania, Rwanda, Uganda, Ivory Coast and Senegal to order products from suppliers via SMS or its mobile app for same-day delivery to their stores and shops via a network of logistics drivers.