Logistics Startup Gokada Files for Chapter 11 Bankruptcy Amid Financial Struggles
- Gokada filed for Chapter 11 bankruptcy protection on October 18, 2024.
- Total liabilities reported at $5.2 million, including $1.8 million owed to non-insider creditors.
- Total assets reported at $560,000, with only $64,000 in cash.
Gokada's bankruptcy filing underscores the challenges faced by startups in emerging markets, particularly in navigating economic instability and regulatory hurdles. The company's struggle to maintain profitability despite previous funding success raises questions about the sustainability of its business model and the broader implications for the last-mile delivery sector in Nigeria.
