Kenyan agritech iProcure under administration over debt issues despite raising $17.2 million
- iProcure, a Kenyan agritech company, has been placed under administration due to failure to pay creditors.
- KPMG's advisory arm has been appointed by the court to revive the startup.
- Liquidation will be considered if the intervention fails.
The news of iProcure being placed under administration and facing financial difficulties is concerning for the company and its stakeholders. The lack of information about the reasons behind the situation and the failure of significant fundraising efforts raise questions about the company's sustainability and management. It is crucial for iProcure to address its cashflow issues and implement effective strategies to regain stability.
