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Daniel Yu Steps Down as Wasoko CEO After 11 Years
Daniel Yu, the man who started Wasoko, a big pan-African B2B eCommerce company, has stepped down as Wasoko CEO after 11 years. This is a big change for the company. He shared the news himself on LinkedIn and talked about how far Wasoko has come since it was just a small business in Dar es Salaam. Over the years, he turned it into a large network that helps connect suppliers with small shops and retailers all across Africa.
When Daniel Yu steps down, he is not leaving Wasoko completely. He will still stay involved as an advisor and a board member. This means he will still give advice and help make important decisions, even if he is not in charge day-to-day anymore.
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After Daniel Yu steps down as Wasoko CEO, Belal El-Megharbel, who co-founded MaxAB, an Egyptian company that merged with Wasoko last year, has taken over leading the combined company. Before this, Belal was already managing the company’s operations and technology, while Daniel was focused on building relationships with investors and growing the business.
This leadership change comes after other shifts in the company. Last year, Mohamed Ben Halim, who helped co-found MaxAB and was the company’s chief operating officer, also left. These moves show that Wasoko and MaxAB are working hard to reorganize and bring the two companies closer together to work better as one.
The merger between Wasoko and MaxAB was officially done in August 2024, but talks started in late 2023. Both companies said it was a “merger of equals.” Together, the new company now works in five countries, serves more than 450,000 small merchants, and has over 4,000 employees. They made this decision to join forces because the economic environment was tough, and combining resources made sense to build a stronger business.
Daniel Yu’s leadership helped Wasoko grow fast and become one of Africa’s most well-known startups in the informal retail tech space. At its best, the company was valued at more than $600 million and had big investors like Tiger Global, 4DX Ventures, and Quona Capital backing it. But like many startups in Africa in 2024, Wasoko faced some hard times. The company’s value dropped, it had to pull back from some regions, and it reduced its workforce.
In his LinkedIn post, Daniel Yu showed a lot of gratitude. He thanked the Wasoko team, investors, and partners who supported the company over the years. He said he was “forever proud” of what they had built together. He also said he plans to move to India and spend time working on personal projects, including his role at Malengo, an organization that helps give education opportunities to students who need them the most.
Daniel Yu steps down as Wasoko CEO after 11 years, closing a big chapter for both him and the company. His stepping down also shows a bigger trend in African tech, where many startups are moving from being run by their founders to being led by professional managers as the businesses grow. This can help these companies become more stable and ready for the future.
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Even though Daniel Yu steps down, his impact on Wasoko remains strong. He leaves behind a company that has grown from a small startup into a key player in Africa’s retail tech scene. His new role as advisor means he will still play a part in the company’s next steps while new leadership takes the reins.
Daniel Yu has stepped down as Wasoko CEO, but the story of the company he built continues, now with a new leader and fresh changes that aim to keep Wasoko strong and growing in the years ahead.
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