Y Combaneter -backed Nigerian Food Shopping Starting Vended Tech Crunch has learned that the salary structure of its employees is changing and looking for fresh capital.
It’s after laying 44 % of its workforce – About 120 employees – last month, indicating that The second round of deduction in the job in five months. In the latest development, Startup has now changed the traditional salaries of employees from a performance -based salary system, which is completed by the Equity Share Option Plan (ESOP), according to the internal documents visible by the tech cranch.
Five -year -old Startup, who picked up Million in its series 30 million The capital of Partik Africa and TLC, headed by the capital, said that the reorganization is necessary to make a profit.
The documents say that the new Vandes’ new compensation model includes a five -phase salary plan.
In February, all employees received the salary of 000 140,000 (~ 90), regardless of the previous salary. The documents state that if the company will increase the wages of employees by March to 30 % from March to May if they meet the performance goals, although it has not explained these goals.
The compensation will be 60 % of the previous salaries from June to August and 90 % from September to November, which is expected to restore the company and employees’ performance goals again by December.
The compensation section without salaries will be converted to share options under the ESOP, which will be more than 50 % of the ten months and 50 % in the remaining three years. According to the employees’ contract, employees can only use these powers on the board approved fair market value.
The company confirmed the changes in the salaries of the employees and insisted that it is now at a time, even closer to profit.
“Vandes has reorganized both his business and work,” a company spokesman told Tech Crunch.
It says the changes are aimed at encouraging employees’ productivity while the company is more financially sustainable. The spokesperson added, “We spend only what we earn, which keeps us permanently maintained and focuses on profit.”
After more than 150 employees are left, the Vandes is betting on the AI -powered performance to reduce the reorganization, fresh capital, and costs and maintain work. As the company indicated, it means to focus more on software -driven growth and double its sales and payment solutions and credit market plus, while slowly phasifying warehouses and logistics operations.
Betting on BNPL to stay fast
In 2019, Tandera was founded by Olumide Fiankin, Gatumi Aliyu, and Wali Opiejo, a vendis launched to smooth food purchases for African restaurants and food businesses.
Startup has claimed that it could eliminate disqualification in the food supply chain, which costs billions annually. By 2022, it was Transferred 400,000 metric tons of food for more than 2,000 usersHe said, he said, saving Million 2 million in purchasing costs and saving about $ 500,000 in Nigeria’s main market, Nigeria, Nigeria.
But the last two years have been brutal for the launch of Vandes and many Nigeria without the FX -infected taxes. Since its series A in September 2022, its income has increased threefold in Nigeria’s Naira, but in the last three years, the rapid deportation of currency has eliminated these benefits by dollars. Inflation has further increased operational spending, which is squeezing a profit for the capital and the public business.
One of the main revenues of the Vandas within the past year is now buying it, paying the (BNPL) product later. Traditional lenders often refrain from food business because of their fluctuations and pieces. But Vandez, through his market, writes loans Loans, which takes advantage of its supply chain knowledge, which connects financial institutions to the food business.
Company is less than 1 % default rate in the past two years and is Million issued credit for more than 70 million By September 2024.
When CFO Mohammad Chaudhry joined in January 2024, it helped the BNPL identify as a key path of profit. However, despite some recent adaptations, the credit product does not seem to be enough to recover from there.
His appointment also launched an ongoing reorganization to tighten financial control and increase its cash runway, which, according to sources, can continue for a few more months.
Similarly, the company is talking to existing and new investors to increase the bridge, which it will use for funding for technology growth and expansion rather than operational costs.
Meanwhile, sources also say that Vandiz has searched for possible sale to other players in Hurica (hotels, restaurants, and catering) and FMCG sectors.
However, the company disagrees and insists that this is another way. “It is normal for M&A to refer to M&A, especially when you work on a fast -growing business, working in a unique place like food,” said a spokesperson. Yes, yes, Vandiz has been referred to, but the founders are focusing on scaling, not selling at any time. “