Mohamed Chaudry, CFO and co-COO of Vendease, has resigned amid significant restructuring efforts aimed at steering the company towards profitability.
Chaudry joined Vendease in January 2024, bringing over two decades of experience in scaling operations and securing funding in the food tech industry. His tenure was marked by significant operational changes, including a pivot from asset-heavy logistics to a leaner, software-centric model. This strategic shift aimed to reduce overhead costs and improve profitability in a challenging economic environment characterised by currency devaluation and inflation.
Under Chaudry’s financial leadership, Vendease also implemented a performance-based compensation structure, replacing traditional salaries with a system tied to company and individual performance.
He told TechCabal that although he’s proud of helping Vendease through difficult periods, his “passion has always been in scaling businesses rather than restructuring them.”
Additionally, the company introduced an Equity Share Option Plan (ESOP) to retain talent while transitioning to a performance-based compensation structure.
Under Chaudry’s financial leadership, Vendease underwent two rounds of layoffs, reducing its workforce by approximately 44%. The company also exited the Ghanaian market in late 2024 due to funding constraints, despite high demand for its services.
In a strategic shift, Vendease has moved from an asset-heavy logistics model to a leaner, software-centric approach, focusing on core software offerings, including payment solutions and a Buy Now, Pay Later (BNPL) credit product. The BNPL service, which has issued over $70 million in loans with a reported default rate below 1%, remains a critical component of its business model.
Chaudry’s departure marks a pivotal moment for Vendease as it navigates a complex economic landscape. The company is reportedly seeking additional funding to extend its Series A round, aiming to bolster its software capabilities and solidify its position in the African food procurement sector.
Following his resignation, Chaudry launched “The Scale Up CFO Hub,” a platform designed to assist startup founders in becoming investor-ready. He leveraged his extensive experience in financial strategy and operations to create the platform.
