Logistics startup Bwala Africa secures Sh10m financing to expand fleet
Logistics startup Bwala Africa has raised Sh10 million financing from Stanbic Bank to expand its fleet in the last mile logistics. The last mile logistics marketplace launched early this year aims to solve challenges facing fleet owners on a daily basis
Sep 5 2018: Logistics startup Bwala Africa has raised Sh10 million financing from Stanbic Bank to expand its fleet in the last mile logistics. The last mile logistics marketplace launched early this year aims to solve challenges facing fleet owners on a daily basis.
The firm has recorded over 6000 deliveries in Nairobi and secured debt financing from South African-based bank CFC Stanbic to meet the rising demand for last mile fleet connectivity. The firm is rolling out 8 new trucks from ISUZU East Africa, four directly funded by CFC and the other 4 funded internally by Bwala. This brings the cost of total investment to Sh24,000,000.
CEO Kennedy Nyabwala stated that they have partnered with Jumia Kenya, Copia and Naivas supermarket to deliver goods sold online. Bwala is also piloting their escrow system dubbed BwalaPay, a technology that allows vendors to have cash collected on their behalf if a customer buying online is not comfortable paying upfront.