Nigerian food tech company Vendease has made a significant move by appointing Mohamed Chaudry as its new Chief Financial Officer (CFO). This decision comes as Vendease seeks to strengthen its executive team during a phase of rapid expansion and fundraising efforts. Founded in 2019, Vendease has quickly emerged as a key player in the food procurement industry in Nigeria and Ghana, leveraging innovative technology to transform how businesses operate.
Vendease provides a procurement platform that helps food businesses optimize their operations. The technology includes features like real-time inventory tracking, predictive analytics for demand forecasting, seamless payment processing, and automated reconciliation. These solutions not only streamline operations but also help reduce costs, minimize waste, and improve overall productivity for users.
In addition to its procurement services, Vendease offers tailored financial solutions, including a Buy Now Pay Later (BNPL) service. This flexible payment option allows businesses in the food industry to manage their cash flow more effectively, providing essential credit facilities and streamlined payment management. These offerings are vital for businesses looking to invest in growth opportunities while maintaining financial stability.
Vendease has successfully empowered over 4,000 African businesses, helping them save an impressive $12 million in procurement costs. Furthermore, the company has deployed $72 million in credit to support the growth of food businesses across the region.
Tunde Kara, CEO of Vendease, expressed excitement about the company’s future. He stated, “We are thrilled about the next phase of Vendease’s journey. Our fundraising effort will enable us to scale our operations and introduce groundbreaking solutions that redefine how businesses procure food supplies.”
With the appointment of Mohamed Chaudry, Vendease gains a seasoned professional with over 20 years of experience in driving business growth and implementing strategic financial initiatives. Chaudry previously served as Group CFO at Foodhub, where he was instrumental in expanding operations across eight countries and achieving significant revenue growth. At his former position with SeaJet, he successfully secured multi-million-dollar funding and led market expansion efforts.
Chaudry shared his enthusiasm for his new role, stating, “I am excited to join Vendease at such a pivotal moment. The opportunity to contribute to the company’s expansion and innovation in the foodtech space is truly inspiring. I look forward to working closely with the team to drive sustainable growth and deliver exceptional value to our customers.”
Vendease is committed to enhancing its platform and using digital technology to boost procurement efficiency. The company aims to build long-term partnerships within the food business ecosystem and invites stakeholders, investors, and industry partners to join in its journey of redefining food procurement through innovation and operational excellence.
In a related development, Jaiz Bank recently appointed Alhaji Aminu Dantata as a non-executive director. His wealth of experience from various sectors, including investments and petroleum, is expected to add value to the bank’s board of directors.
As Vendease and Jaiz Bank make these strategic appointments, they both signal a focus on growth and innovation in the Nigerian market, which is ripe for development in the food tech and financial sectors.
