Twiga Foods settles Google Cloud debt dispute with Incentro Africa
TLDR
- Agri-tech firm Twiga Foods resolves debt dispute with Google Cloud service provider, Incentro Africa.
- Twiga Foods filed an application in court to set aside a statutory demand for $261,878 in debt payments.
- The dispute has been settled outside of court, marking a significant breakthrough for both companies.
Agri-tech firm Twiga Foods has announced the resolution of its debt dispute with Google Cloud service provider Incentro Africa. The disagreement, which started in September of the previous year, involved a statutory demand for $261,878 in debt payments made by Incentro Africa to Twiga Foods for the provision of Google Cloud services.
Twiga Foods contested the amounts and took legal action by filing an application in court, seeking to set aside the statutory demand. Justice Josephine Mong’are granted Twiga Foods relief by blocking the liquidation calls from Incentro, providing a 60-day window for the two companies to resolve the matter. It appears they have reached an agreement.
In a joint statement on Tuesday, both companies announced that they had settled the dispute outside of court. The resolution comes after recent investments in Twiga Foods by Creadev and Juven, marking a significant breakthrough in resolving the historical dispute.
Points clés à retenir
In August of last year, Twiga Foods undertook a significant workforce reduction, parting ways with one-third of its 850 permanent employees. Njonjo attributed the decision to challenging market conditions and the company's commitment to maintaining a streamlined and efficient organization adding that Twiga's cost structure was initially designed in anticipation of expanding across Africa. However, due to increased interest rates in the US impacting available capital for investments in emerging markets, the company opted for a short-term strategy to sustain operations. This strategy involved implementing a 40% reduction in operating costs rather than increasing prices. Looking ahead, Twiga aims to advance its mission of digitizing the informal retail economy and revolutionizing food supply chains in Africa.
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