![]() Its highest dividend payout was in 2016, with Ksh4.3 billion ($36.9 million) distributed to shareholders. Pevans East Africa, the holding company for SportPesa, began distributing dividends to its shareholders in 2015, with a total payout of Ksh1.57 billion ($23.46 million). He also explained the requirements for the special resolution to pass, stating that it must receive the support of shareholders holding a minimum combined stake of 75 percent.ĭuring the period when Pevans East Africa operated the SportPesa brand, Ndung’u, a reclusive business leader who is a significant shareholder and non-executive director of Life Care Medics, received Ksh1.3 billion ($11.1 million) from the company until it ceased operations in June 2019. 24, as per the law, and had not been renewed. ![]() Through his legal representative, Ekuru Aukot, Ndung’u clarified that the injunction against him and Maina had already expired on Jan. “It was not properly convened and did not take place in Tanzania, as per the Companies Act,” he emphasized. ![]() In response, Ndung’u expressed his disappointment, stating that the meeting where he and Asenath Wachera Maina were expelled was not conducted in accordance with the Companies Act. Ronald Karauri, who made the announcement, revealed that Pevans is facing a staggering Ksh14.3 billion ($114.7 million) in negative equity.Īs a result, Ndung’u and Maina, who had a combined 38-percent stake in the now-defunct holding company, will not receive any compensation for their investments. The four-bedroom, double-story house in Gigiri is being sold through Garam Auctioneers, a well-established Kenyan auction house with more than 28 years of experience in the retail industry.Īmidst a legal dispute with fellow shareholders in Pevans East Africa, Ndung’u and another shareholder, Asenath Wachera Maina, were removed from their positions in Pevans East Africa following a special resolution. Paul Ndung’u, a prominent Kenyan businessman and shareholder in Pevans East Africa, the company behind the popular SportPesa betting brand, is auctioning off a residential property located in Nairobi. With recent funding support, Kimani and his team are well-positioned to continue making waves in the African HR and payroll space. He has participated in prestigious fellowship programs, including Y Combinator and the eFounders Fellowship, which have helped him build valuable connections and insights. ![]() Kimani’s journey with Workpay is an inspiring example of how African tech startups can make a global impact. Under the leadership of Kimani, the full-stack Kenyan HR payroll startup has doubled its revenue every year since 2021 and now serves nearly 700 companies, processing $200 million in payroll value annually. As remote work arrangements become more prevalent, the company has added new product lines to meet the changing needs of its customers. Since its inception, Workpay has expanded its operations across Africa and now provides HR solutions to over 600 businesses in more than 20 countries. Workpay, which was founded by Kenyan tech entrepreneurs Kimani and Jackson Kungu in 2017 as TozzaPlus, operates as a cloud-based human resources management and payroll solution for SMBs in Africa. The recent funding will further support the company’s mission of empowering businesses to manage and pay their employees across Africa, regardless of location. The capital injection received by the Kenyan HR payroll startup will fuel an aggressive expansion in line with its strategic roadmap, as the company aims to roll out its services across 40 African countries, nearly doubling its current reach.Īs more small and medium-sized businesses seek to streamline their operations by adopting HR payroll technology solutions, Workpay is well-positioned to capitalize on this growing trend. This latest round of funding follows a successful seed funding round in 2021, where the startup raised $2.1 million to fuel its growth at the time. The funding round included prominent investors like Launch Africa Ventures, Saviu Ventures, Acadian Ventures, and French financier Proparco, among others. With this funding, Workpay plans to expand its HR, payroll, compliance, and benefits tools across Africa. Workpay, an HR and payroll startup founded by Kenyan tech entrepreneur Paul Kimani, has raised $2.7 million in its pre-Series-A funding round, led by global and Africa-focused investors.
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