After their August 2024 merger, Wasoko and MaxAB told TechCabal that they had launched new business units beyond e-commerce and the development of AI systems powering pricing, product selection, and route optimisation.
Wasoko and MaxAB, an e-commerce firm valued at over $500 million after their landmark merger in August 2024, have appointed Mo Elshenawy as an independent board director and technical advisor.
Elshenawy is the president and chief technology officer (CTO) of autonomous vehicle company Cruise. In his new role, he will drive the development and scaling of Wasoko and MaxAB’s technology infrastructure and help the entity advance its artificial intelligence (AI) tools to improve business capabilities.
“As an Egyptian-American, I feel deeply connected to this mission and the platform’s potential—not only to drive transformative impact within Africa but also to establish a powerful presence on the global stage,” said Elshenawy.
In August 2024, Wasoko and MaxAB told TechCabal that the combined business will pave the way for a super app offering digital top-ups, e-payments, and credit financing to create a multi-service digital platform for their users.
Wasoko and MaxAB raised over $230 million before the merger. MaxAB closed a $40 million pre-Series B round, while Wasoko raised $125 million in Series B, which valued Wasoko at $625 million. However, Wasoko’s valuation dropped to $260 million in 2023 as its sales to small informal retailers declined.
After the August merger, which was first announced in December 2023, the entity is now valued at over $500 million, based on a financial report from VNV Global, one of its investors.
VNV has a 2.4% stake in the combined entity and values its holding at $12.6 million, based on a revenue multiple of 2.6, benchmarked against similar companies.
