Given the economic downturn and constrained capital markets are expected to continue for some time, Copia will double down on efforts to drive our founding Kenya business to sustainable, scaled profitability.
The Kenya entity is rapidly growing its e-commerce service, providing middle-income consumers with an unrivaled high-quality, low-cost, distribution capability, built on a network of more than 50,000 agents. This service also provides local manufacturers with a unique, efficient route to market.
To accelerate our drive to profitability, we will pause our Africa expansion plans and suspend our recently established Uganda operation through this period. This decision is consistent with many of the best companies in Africa and across the world, which are responding to the market environment and prioritizing profit.
Our Uganda business successfully demonstrated the demand for and replicability of the Copia model in bringing e-commerce to the Africa mass market and we are hugely grateful to the talented team in Uganda who made this happen in such a short time frame.
This highly focused approach will ensure that Copia is well positioned to pursue its pan-African ambitions with its proven formula for successful expansion, to serve the 800 million middle and low income consumers through the power of e-commerce. We are committed to working hard to achieve our goals, and once we achieve this goal, we look forward to relaunching in Uganda and across the continent.
Thank you for your continued support.
CEO, Copia Global