Mohamed Chaudry exits as Vendease overhauls operations, trims workforce, and revamps financial strategies to navigate economic headwinds.
A Leadership Change at Vendease
Mohamed Chaudry, the Chief Financial Officer and co-Chief Operating Officer of Vendease—a Y Combinator-backed food procurement platform—resigned in April 2025. His departure coincides with a significant restructuring effort aimed at steering the company toward profitability and securing new funding. Chaudry has since launched an edtech initiative, The Scale Up CFO Hub, designed to equip founders with investor-readiness skills.
During his tenure, Chaudry led a comprehensive restructuring process that included a reduction of 180 employees and the implementation of a performance-based compensation system. Under this new model, portions of unpaid salaries are converted into Equity Share Option Plans (ESOPs), aligning employee incentives with company performance.
“Alongside my CFO role, I also took on a dual COO role, overseeing the entire supply chain and leading a comprehensive restructuring initiative,” Chaudry stated. “Whilst I am proud of helping Vendease navigate and stabilize through this period, my passion has always been in scaling businesses rather than restructuring them.”
Strategic Shifts and Operational Adjustments
Appointed in January 2024, Chaudry was instrumental in Vendease’s expansion plans across Africa and the Middle East. However, economic challenges, including the devaluation of the naira and rising operational costs, necessitated a strategic pivot. This included scaling back operations and exiting the Ghanaian market to focus resources on core markets.
In a bid to enhance revenue streams, Vendease restructured its Buy-Now-Pay-Later (BNPL) offering. The company transitioned from a flat fee model to a daily interest charge, aiming to improve cash flow and profitability.
Implications for the Nigerian Tech Ecosystem
Here’s What This Means for Nigerians:
- Startup Workforce Dynamics: The layoffs at Vendease reflect a broader trend of workforce reductions in Nigerian startups as companies adapt to economic pressures.
- Financial Strategy Evolution: The shift to performance-based compensation and revised BNPL models may influence how other startups structure employee incentives and financial products.
- Market Focus Realignment: Exiting less profitable markets like Ghana indicates a strategic focus on consolidating operations within Nigeria, potentially leading to more robust domestic services.
Looking Ahead
Vendease’s restructuring and leadership changes underscore the challenges faced by Nigerian startups in a volatile economic environment. The company’s strategic adjustments aim to position it for sustainable growth and profitability in its core markets.
CHECK OUT OUR POST ON: Kenya’s High Court Bars Internet Shutdowns by Telcos and Regulator
