Daniel Yu, the founder of the pan-African B2B eCommerce company Wasoko, has stepped down as CEO after 11 years. His departure marks a significant leadership transition for the startup, which merged with Egypt-based MaxAB in August 2024, creating one of the largest B2B retail platforms on the continent.
Yu made the announcement 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 several African countries.
Although Yu is exiting daily operations, he will continue to be involved with the company as an advisor and board member.
Following his departure, Belal El-Megharbel, co-founder and former CEO of MaxAB, has taken full leadership of the merged company.
El-Megharbel had already been overseeing operations and technology since the merger, while Yu focused on investor relations and corporate development.
This change comes as part of a series of leadership adjustments following the merger. In late 2024, MaxAB’s co-founder and COO, Mohamed Ben Halim, also left the company, indicating an ongoing restructuring process to align both legacy businesses.
The Wasoko-MaxAB merger, first reported in late 2023, was formally completed in August 2024.
At the time, both parties described the merger as a “merger of equals,” creating a combined entity with operations in five countries, over 450,000 merchants, and a workforce of more than 4,000 employees.
The deal was also seen as a strategic response to economic pressures and the need to consolidate resources.
Under Yu’s leadership, Wasoko experienced rapid growth and became one of the leading startups in Africa’s informal retail tech sector. At its peak, the company was valued at over $600 million and was supported by investors such as 4DX Ventures, Tiger Global, and Quona Capital.
However, like many African startups in 2024, Wasoko faced operational challenges, including a valuation downgrade, regional pullbacks, and workforce reductions.
In his LinkedIn post, Yu expressed gratitude to the Wasoko team, investors, and partners, stating that he was “forever proud” of their achievements.
He also shared plans to relocate to India and focus on personal projects, including his role at Malengo, a nonprofit dedicated to supporting education access for underprivileged students.
Yu’s departure marks the end of a significant chapter for Wasoko, highlighting a broader trend in Africa’s tech ecosystem: the shift from founder-led operations to professional management as startups mature and scale.
