Afrobility: Africa Tech and Business #65: Wasoko (Sokowatch) - How the B2B retail platform is providing services and improving the supply chain for informal retailers across Kenya and Africa
Overview: Today, we’re going to talk about Wasoko (Sokowatch) We’ll explore the story across the following areas:
Africa’s and Kenya’s informal retail context
Wasoko's early history
Wasoko's Product & monetization strategy
Competitive positioning & potential exit options
Overall outlook.
This episode was recorded on June 11, 2023
Companies discussed: Wasoko (Sokowatch), Twiga Foods, TradeDepot, OmniBiz, Alerzo, mPharma, Nestle, Unilever, Multipro, Marketforce, Udaan & Flipkart
Business concepts discussed: Informal retail penetration, Agency banking adoption, B2B Operating systems, Informal markets, & last-mile distribution
Conversation highlights:
(00:40) - Sokowatch background and why we’re talking about it
(08:35) - African informal retail context
(16:11) - Founder background and Founding story
(29:55) - Fundraising and early growth
(36:56) - Geographic expansion, growth and partnerships
(45;12) - Team strategy
(54:00) - Product strategy and monetization
(1:10:00) - Competition and options for exit
(1:23:13) - Bankole’s overall thoughts and outlook
(1:33:05) - Olumide’s overall thoughts and outlook
(1:43:30) - Recommendations and small wins
Olumide’s recommendations & small wins:
Interested in investing in Africa Tech with Olumide: Read about Adamantium fund & contact me at olumide@afrobility.com. Founders looking for funding: If you're a B2B founder working on Education, Health, Finance or food, please contact me for funding at olumide@afrobility.com
Checkout my FIREDOM book = FIRE (Financial Independence, Retire Early) + Freedom = personal finance and financial independence book. Website, Read: Substack Newsletter & Buy: Print, eBook or Audiobook)
Recommendation: The Slight Edge. Amazing Personal Development book about a mental framework to apply daily actions to get what you want in life. I have read it about 6 times at this point.
Recommendation: Temu.com. Started using it for shopping. It has some cool gamification ideas to nudge ecommerce purchases
Small win: Hosted house party with friends. It was great to see everyone together
Bankole’s recommendations & small wins:
Recommendation: Artificial Intelligence, a guide for Thinking Humans by Melanie Mitchell & Would You Sell Your Extra Kidney - Dylan Walsh
Small win: won my physical activity mini-league
Other content: FT fastest growing companies 2022 & Modularity Theory - Christensen Institute
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Founders & Operators: We'd love to hear about what you're working on, email us at info@afrobility.com
Investors: It would be great to link up with you. Contact us at info@afrobility.com
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