Wasoko, formerly Sokowatch, has raised $125 billion in a series-B funding round that reportedly values the last-mile distribution and logistics African company at $625 million.
The round was led by Tiger Global and Avenir Growth Capital with a slew of participants that included:
Binny Bansal, co-founder of Flipkart
Sujeet Kumar, co-founder of Udaan
Golden Palm Investments
Wasoko allows retailers from Kenya, Tanzania, Rwanda, Uganda, Ivory Coast, and Senegal to order products from suppliers via SMS or its mobile app for same-day delivery to their stores and shops via a network of logistics drivers.
In order to scale the pilot to thousands of its merchants, SokoWatch seeks to unlock efficient pools of capital by leveraging deposits in Luna, an algorithmic stablecoin pegged to the US Dollar, while leveraging DeFi as a treasury tool.
The latest investment, which is identified as the second largest out of the fintech sector, will allow Wasoko to further drive geographic expansion and product growth across the continent.
The company is eyeing the Western and Southern African markets, with Senegal, Nigeria, and Ghana being some of the targeted locations.