Goldman Sachs-backed Kobo360 cut jobs in November as part of restructuring
- Kobo360 implemented company-wide layoffs across its seven markets in November 2024.
- CEO Cikü Mugambi resigned, citing fundraising difficulties.
- At least 30 roles were cut from Kobo360's 50-person team in Nigeria.
The situation at Kobo360 highlights the volatility and challenges faced by startups in the logistics sector in Nigeria. The layoffs and leadership changes suggest a lack of strategic direction and financial stability, which could hinder the company's ability to compete effectively in a challenging market. It raises questions about the sustainability of business models in this sector and the need for better market insights among founders.
