New Delhi:- Sendy, a company from Kenyan that helps shops buy products straight from the makers, is closing down and looking to sell what it owns.

Meshack Alloys, one of the co-founders of Sendy, said that they are currently in the process of being acquired but did not provide any further information about the sale. Yes, Sendy is being bought. We will release an official statement together in about two weeks. Right now, we can't say any more about this.

According to many people, the company ran out of money two months ago and has been trying really hard to save money for the past year in order to stay in business. In July, Sendy said they would reduce their workforce by 10% because of the current problems affecting tech companies worldwide. Since then, they have made more cuts to their workforce by closing a product line and leaving a market to save money.

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In October of last year, the Kenyan startup fired 54 workers and stopped its supply service. Then, in February of this year, it stopped offering its end-to-end fulfillment service in Nigeria, which it had started two years ago.

Sendy has been facing difficulties recently. This is a problem for a group of companies that sell products to other businesses online. These companies were doing well before, earning a lot of money and becoming more valuable. However, they are now dealing with high expenses and issues with how much they charge their customers.

The startup had planned to gather $100 million in funding last year, but they only received a small part of that amount from MOL PLUS, which is the corporate venture capital of a Japanese transport company called Mitsui O. SK Lines are straight or curved marks on a surface. They can be drawn or made naturally. Lines can be long or short, thick or thin, and can have different shapes. They are used to create shapes and forms, and can convey different emotions or moods.

After making the deal, Sendy has been looking at different ways to strengthen its business in recent months. This includes trying to find new funds and someone to buy the company, according to three people who know about it. However, achieving that has been quite difficult.

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The Kenyan startup, which was worth more than $80 million towards the end of last year, was discussing with various investors to get more money a few months ago. However, they were considering a lower value of $40 million to $60 million. But, one of the main people who put money into Sendy decided not to give them the money they promised. This made Sendy not have enough money for the last two to three months, even to pay their employees. Now, they are trying to sell some of the things they own to get more money.

Additionally, there are only a few possible buyers. According to people who know about the company's activities, Sendy is discussing with other African businesses in the B2B e-commerce and trucking field, such as Trella, Sabi, Wasoko, and one of its investors, to sell some of its assets, such as technology and fulfillment operations. It is not known if any of the discussions have led to an agreement, and there might still be ongoing conversations about different choices, like the startup being bought by another company. More than 200 workers will be impacted by the shutdown.

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Sendy was started in 2015 by Alloys, Evanson Biwott, Don Okoth, and Malaika Judd. It received $26. 5 million in funding from various investors like Toyota Tsusho, Atlantica Ventures, VestedWorld, Keppel Capital, Enza Capital, AAICA Investment Pte Ltd, Sunu Capital, and Goodwill Investments.

Sendy is a new company that lets people buy things straight from the companies that make them. Now, Sendy is selling their belongings because they are being bought by someone, and they don't have any money left.