The news
- Daniel Yu has stepped down as CEO of Wasoko, the B2B retail distribution startup he founded in 2013.
- His exit comes one year after Wasoko’s merger with Egyptian eCommerce company MaxAB.
- MaxAB co-founder Belal El-Megharbel, who had been overseeing operations, now takes over as CEO.
- Yu will remain an advisor and board director while relocating to India to focus on other projects.
Daniel Yu, the founder of pan-African B2B eCommerce company Wasoko, has stepped down from his role as CEO after 11 years. His departure marks a significant leadership shift for the startup, which merged with Egypt-based MaxAB in August 2024 to form one of the largest B2B retail platforms on the continent.
Yu’s announcement was made via LinkedIn, where he reflected on the journey of building Wasoko from a small operation in Dar es Salaam into a logistics network that connects suppliers with informal retailers across multiple African countries.
While he has exited daily operations, Yu will remain involved with the company as an advisor and board member.
Following his exit, Belal El-Megharbel, MaxAB’s co-founder and former CEO, has assumed full leadership of the merged company.
El-Megharbel had already been handling operations and technology since the merger, while Yu focused on investor relations and corporate development.
This change is the latest in a series of leadership restructures following the merger. In late 2024, MaxAB’s co-founder and COO, Mohamed Ben Halim, also left the company, suggesting an ongoing reorganisation aimed at aligning both legacy businesses.
The Wasoko-MaxAB merger was first reported in late 2023 and formally completed in August 2024.
At the time, both parties described it as a “merger of equals,” forming a combined entity with operations in five countries, over 450,000 merchants, and a workforce of more than 4,000.
The deal was also framed as a response to mounting economic pressures and the need to consolidate resources.
Under Yu’s leadership, Wasoko grew rapidly and became one of the most prominent startups in Africa’s informal retail tech space. It was valued at over $600 million at its peak and backed by investors like 4DX Ventures, Tiger Global, and Quona Capital.
But like many African startups in 2024, the company faced operational headwinds, including a valuation downgrade, regional pullbacks, and workforce reductions.
In his LinkedIn post, Yu expressed gratitude to the Wasoko team, investors, and partners, saying he was “forever proud” of what they achieved.
He also shared plans to relocate to India and focus on personal projects, including his role at Malengo, a nonprofit supporting education access for underprivileged students.
While Yu’s departure signals the end of a chapter for Wasoko, it also underscores a wider trend in Africa’s tech ecosystem — the gradual shift from founder-led operations to professional management as startups mature and scale.
