Mohamed Chaudry, a seasoned CFO and co-COO of Vendease, has made the decision to step down from his position amidst the company’s significant restructuring efforts aimed at driving profitability. Chaudry’s departure comes after a tenure that began in January 2024, during which he brought over twenty years of experience in scaling operations and securing funding within the food tech industry.
During his time at Vendease, Chaudry spearheaded operational changes that included a shift from an asset-heavy logistics model to a more streamlined, software-centric approach. This strategic pivot was intended to reduce overhead costs and enhance profitability in a challenging economic landscape marked by currency devaluation and inflation. Under Chaudry’s financial leadership, Vendease also implemented a performance-based compensation structure, replacing traditional salaries with a system linked to both company and individual performance metrics.
In addition to these changes, Vendease introduced an Equity Share Option Plan (ESOP) aimed at retaining talent while transitioning to a performance-based compensation framework. However, the company also underwent two rounds of layoffs under Chaudry’s guidance, resulting in a reduction of approximately 44% of its workforce. Furthermore, Vendease made the decision to exit the Ghanaian market in late 2024 due to funding constraints, despite experiencing high demand for its services.
As part of its revised strategy, Vendease has shifted its focus towards core software offerings such as 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 key component of the company’s business model.
Chaudry’s departure signifies a crucial moment for Vendease as it navigates a complex economic environment. The company is reportedly in pursuit of additional funding to extend its Series A round, with the goal of enhancing its software capabilities and solidifying its position within the African food procurement sector.
Following his resignation, Chaudry has launched “The Scale Up CFO Hub,” a platform designed to support startup founders in preparing for investor engagement. Leveraging his extensive expertise in financial strategy and operations, Chaudry aims to assist entrepreneurs in scaling their businesses effectively.
In conclusion, Chaudry’s resignation marks a turning point for Vendease as it continues to adapt to market challenges and pursue sustainable growth strategies. The company’s commitment to innovation and financial prudence will likely shape its future trajectory within the competitive food tech landscape.
