Gokada, one of Nigeria’s most prominent last-mile delivery companies, reportedly considered selling the business to a competitor, Kwik Logistics, in 2022.
Ultimately, the deal did not go through and it is unclear why those talks broke down. Gokada recently set its valuation at $10 million as it tried to raise $100,000 through crowdfunding.
Gokada recently laid off at least 20 employees in November 2022 before laying off 54 more people this week
Tosin Oni, Gokada’s CEO, said the layoffs were in response to harsh macroeconomic conditions. He said that as an unprofitable startup with negative cash flow, the priority for them at the moment is increasing efficiency.