Akshay Grover, who was named Group CEO of Cellulant, considered one of Africa’s most distinguished fee corporations, in July 2021, is stepping down this month to deal with private issues.  

Cellulant confirmed his departure in an e mail to TechCabal and stated, “The corporate is dedicated to sustaining its momentum and persevering with its development trajectory.”

Peter O’Toole, the corporate’s CFO, has been named Appearing CEO. In keeping with the corporate’s communications, new names can be added to its management crew within the coming months.

Grover joined Cellulant in January 2021 because the Chief Monetary Officer (CFO). He was appointed Appearing CEO in Might 2021 after Cellulant’s longtime CEO and co-founder, Ken Njoroge, stepped down, commenting, “Cellulant’s subsequent section requires an ‘enterprise runner’ moderately than a ‘enterprise builder.’”

Cellulant has a storied history, and the story of how its cofounders scribbled the unique thought for the corporate on a serviette in 2003 is now lore. With an preliminary $3,000 funding from its cofounders, Cellulant started as a ringtone-selling platform. Its enterprise mannequin quickly got here beneath strain after Safaricom, Kenya’s main telco, started providing the identical music service to clients without spending a dime.

Cellulant then pivoted from its B2C mannequin, connecting banks to the M-PESA funds ecosystem. It might later increase to Zambia, Ghana, and Botswana because it sealed fee partnerships with worldwide companions corresponding to StanChart.

Earlier than the 2020 COVID-19 pandemic, it had 13 workplaces throughout the continent and raised $1.5 million, $5.5 million, and $47.5 million throughout three funding rounds. In 2022, Cellulant was pursuing a $100 million sequence D spherical, however the increase was placed on maintain.

Like most digital companies in Africa, Cellulant was additionally affected by a difficult enterprise surroundings in 2023. Initially of 2023, it laid off 27 workers members, and in August 2023, it fired 20% of its staff, consolidated some roles, and created new ones. These adjustments and trimmings have been effected for “leaner and environment friendly operations,” per a press release shared with TechCabal at the moment.