Peter Njojo, the CEO of Nairobi-based eCommerce and food distribution startup Twiga Foods, has officially announced his departure from the company.
This move doesn’t come as a surprise, considering that just a month ago, Njojo had disclosed his plan to take a 6-month break from his leadership role at Twiga. This decision followed prolonged struggles to steer the company in the right direction.
Recently, he stepped down from the firm’s board of directors, abruptly ending not only the intended sabbatical but also concluding his decade-long tenure at the helm of the company.
In his resignation letter dated January 4, 2024, Njojo mentioned, “At the request of the board after my resignation, I agreed to stay on the Twiga Board and work through a six-month transition that allowed for the recruitment of a new CEO.
Currently, the strategic direction and daily operations are now firmly in the hands of Juven and Creadev and there is little value I can add from this point on. In this regard, I would like to resign as a Director of Twiga Holdings.
Peter Njojo
Currently, the strategic direction and daily operations are now firmly in the hands of Juven and Creadev and there is little value I can add from this point on. In this regard, I would like to resign as a Director of Twiga Holdings. As a Founder, I will remain a committed shareholder of Twiga,” he added.
With a background of two decades at Coca-Cola, Peter Njojo, alongside Grant Brooke and Kikonde Mwatela, co-founded Twiga Foods in 2013. The startup emerged as a mobile-based supply platform for retail outlets, kiosks, and market stalls across Africa.
Operating on a B2B model, Twiga, positioned as an agritech company, sources fresh produce from rural Kenyan farmers and efficiently distributes it to millions of small and medium-sized vendors in urban areas. The cashless platform not only guarantees a market for farmers but also ensures higher prices.
For vendors, Twiga provides a reliable supply chain and lower purchasing costs. By bridging the gap between farmers and vendors, the business significantly reduces post-harvest losses and ensures that consumers have access to fresh and affordable food.
Since its inception, Twiga has successfully secured over $150 million in a combination of equity and debt funding, attracting notable investors such as Genevieve Capital, Creadev, Juven AHL Venture Partners, and Omidyar Networks.
Operating in a challenging economic environment, marked by factors like inflation and currency devaluation, has posed additional hurdles for B2B eCommerce startups. Twiga, despite being one of Africa’s most funded startups, has not been immune to these challenges.
In response to the evolving landscape, the company recently implemented strategic adjustments, including a workforce reduction of 21% and a shift in its commercial model, favoring independent sales contractors over a resident sales team.
Complicating matters for the startup is an ongoing legal dispute with Incentro Africa, a cloud services vendor, over unpaid debts. Incentro filed a lawsuit amounting to $261,878 and sought to liquidate the venture—an action contested by Njojo.
In response to the lawsuit, Twiga stated, ‘The statutory demand is made in bad faith and with ulterior motives,’ arguing that it was driven by undisclosed motives. Curiously, just two weeks after facilitating Twiga’s acquisition of a $35 million lifeline to settle its debts, Njojo initiated his leave.
Peter Njojo’s departure marks the end of an era at Twiga. While Chief Operating Officer Laurent Gouault and Chief Financial Officer Zuber Momoniat have been overseeing operations in his absence, the responsibility of selecting a new CEO now lies with the board.
