Biography Of Peter Njonjo (Age , Net Worth , Wife) - Twiga Foods, a Nairobi-based Agri-tech business led by Kenyan entrepreneur Peter Njongo, intends to cut costs and restructure its operations, which would result in the firing of certain employees and a reduction in allowances for others who will remain with the company.
Peter Njonjo
More than six months ago, the Nairobi-based agri-tech firm committed $10 million in a new agricultural subsidiary as part of its aspirations to expand beyond delivering fresh fruit and commodities through its mobile-based platform.
Twiga notified the layoff of some of its workers on Nov. 1 as a result of the change of its trade development representatives into agents.
According to BusinessDaily, the business, which earlier claimed to have a 1,000-person staff, has transitioned all of its trade development salespeople to become agents as it changes its sales team operations to an agency model.
Employees’ travel allowances have also been limited to those whose occupations require them to travel for more than 75% of the month.
“The travel stipend will include all expenditures associated to the employee’s mobility in her/his own car to attend to the company’s business,” the firm claimed, adding that executives will designate people on their team whose responsibilities qualify for a travel allowance.
Twiga Foods was formed in 2013 by Njonjo and Grant Brooke to link Kenyan farmers and sellers to fair, reliable, and sophisticated marketplaces. It offers the whole supply chain for high-quality food.
The firm develops a cashless mobile B2B supply network that gives millions of small and medium-sized merchants in African cities market access.
Twiga Foods obtained $50 million from institutional investors in a Series-C fundraising round headed by Creadev, a Paris- and Nairobi-based family office, in 2021 to develop operations in Kenya and adjacent countries.
The $50 million capital investment, which follows a $30 million Series-B round ($23.75 million in equity and $6.25 million in debt) in 2019, brings the company’s total debt and equity funding to more than $100 million.
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