Equity

Million

Read

<div data-beyondwords-player="true" contenteditable="false"></div>
Kenya&#8217;s <a href="https://copia.co.ke/" data-type="URL" data-id="https://copia.co.ke/" target="_blank" rel="noopener">Copia</a> has disclosed plans to put its company&#8217;s activities on hold in Uganda. 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. 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.” 



<figure class="wp-block-image size-full"><img width="824" height="496" src="https://technext24.com/wp-content/uploads/2020/09/Copia-1.jpg" alt="CopiaKenya has received $5 million in equity funding from the U.S. Development Finance Corporation" class="wp-image-91973" srcset="https://technext24.com/wp-content/uploads/2020/09/Copia-1.jpg 824w, https://technext24.com/wp-content/uploads/2020/09/Copia-1-300x181.jpg 300w, https://technext24.com/wp-content/uploads/2020/09/Copia-1-768x462.jpg 768w, https://technext24.com/wp-content/uploads/2020/09/Copia-1-640x385.jpg 640w, https://technext24.com/wp-content/uploads/2020/09/Copia-1-380x229.jpg 380w, https://technext24.com/wp-content/uploads/2020/09/Copia-1-550x331.jpg 550w, https://technext24.com/wp-content/uploads/2020/09/Copia-1-800x482.jpg 800w, https://technext24.com/wp-content/uploads/2020/09/Copia-1-760x457.jpg 760w, https://technext24.com/wp-content/uploads/2020/09/Copia-1-600x361.jpg 600w" sizes="(max-width: 824px) 100vw, 824px" /><figcaption>Copia pauses Uganda operations due to massive losses</figcaption></figure>



The statement expatiated that the company’s 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.”



This most recent announcement about the shutdown of its Uganda market signals a shift that hadn&#8217;t been anticipated by experts familiar with how the platform operates. Copia, which targets low-income clients in Africa, has been expanding over a previous couple of years. 



It completed a Series B drive in 2021, raised KES 2.6 billion, and also shook up its administration by recruiting Betty Mwangi to its board of directors(former executive of Safari-com), 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 Kenyan-based business appointed Caren Robb as Global Chief Financial Officer, Mike King as Chief Technology Officer, and in-house 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 pan-African ambitions to expand its market and be in service of 800 million middle and low-income consumers through the power of e-commerce. 



Read More; <a href="https://technext24.com/2020/09/15/kenyan-e-commerce-company-copiakenya-secures-5-million-equity-funding/" data-type="URL" data-id="https://technext24.com/2020/09/15/kenyan-e-commerce-company-copiakenya-secures-5-million-equity-funding/">Kenyan e-commerce Company, CopiaKenya Secures $5 Million Equity Funding</a>



<h5 id="about-copia">About Copia</h5>



With a network of over 40,000 digital-enabled 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. 



<figure class="wp-block-image size-full"><img width="1536" height="1023" src="https://technext24.com/wp-content/uploads/2023/04/D67BAD3E-58D8-4667-8DDA-AFCC7F43A146.jpeg" alt="Copia Kenya" class="wp-image-190356"/></figure>



The company provides access to a previously underserved market of middle to low-income African consumers. People who do not have internet access can still make purchases through its digitally enabled agents and frequently updated print product catalogues. Copia’s e-commerce platform is designed to meet the specific needs of Africa’s growing middle- to low-income consumers, saving them time and money.



It leverages cutting-edge technology that links middle and low-income consumers to various quality products delivered at their convenience.



Read More; <a href="https://technext24.com/2023/04/18/microsoft-adc-collaborates-with-kenyans/" data-type="URL" data-id="https://technext24.com/2023/04/18/microsoft-adc-collaborates-with-kenyans/">Microsoft ADC Nairobi to introduce AI, UX courses into computer science programs in Kenyan institutions</a>

Copia pauses Uganda operations due to economic challenges

Technext.ng

Other articles published on Apr 19, 2023

Square Enix Strengthens Commitment to Web3 Gaming with New Partnership

Unlocking the Secrets of Crypto Wealth: Proven 7 Strategies for Long-Term Investment Success

MetaMask Addresses Accusations of Involvement in $10M Hack

Bybit Opens Dubai Headquarters, Crypto Daily TV 19/4/2023

Hong Kong-based crypto exchange LBank to list NEWS token

Crypto analyst pins BTC price surge to that of 2019

Join our free newsletter for daily crypto updates!