Latest news with #Sabi
Time of India
09-07-2025
- Time of India
Mercedes robbery cracked, 2 wanted criminals in police net
Panchkula: In a swift and strategic operation, Panchkula Police crime branch (Sector 26) cracked a sensational Mercedes robbery case, with the arrest of two wanted criminals. A Mercedes-Benz, a gold chain, and other valuables were snatched in a daring carjacking on July 1. Tired of too many ads? go ad free now Arif Sheikh was driving his luxury car on his way to Mohali. But as he reached Majri Chowk, his journey took a terrifying turn. Two men in another vehicle intercepted him, forced their way into his car, and hijacked it — driving him toward the Pinjore-Nalagarh stretch. Along the way, they robbed him of his car, two mobile phones, a wristwatch, and a gold chain, before dumping him and vanishing into the night. The case was registered at Sector-5 Police Station, and the Crime Branch sprang into action. Using a combination of CCTV footage, technical surveillance, and informant networks, investigators traced the suspects to the Madawala bus stand. On July 7, the police swooped in and arrested the suspects — Sukhjeet Singh alias Sabi (33) from Hoshiarpur and Sukhbir Singh alias Sukhi (29) from Kiratpur, Rupnagar. Both are seasoned criminals. Sabi has eight cases against him across Punjab and Himachal Pradesh, while Sukhi has four, including charges of attempted murder, NDPS violations, and Arms Act breaches. Authorities are working to recover the stolen Mercedes and other valuables, and are probing the possible involvement of a larger gang network. MSID:: 122323794 413 |
Yahoo
20-06-2025
- Business
- Yahoo
After raising $38M, African e-commerce startup Sabi lays off 20%, pivots to traceable exports
African B2B e-commerce startup Sabi has laid off around 20% of its workforce (~50 employees) as it pivots from its original retail-focused platform to double down on a growing business in commodity exports. The layoffs, confirmed by the company on Thursday, are part of a broader restructuring aimed at aligning resources with what it describes as rising demand for traceable, ethically sourced commodities, an area it began building out last year under a new vertical called TRACE (Technology Rails for African Commodity Exchange). Launched in Lagos in 2020, Sabi began as a software platform helping informal retailers digitize inventory and sales amid COVID-19 disruptions. It later expanded into a fast-moving consumer goods (FMCG) marketplace with embedded finance, scaling across Nigeria and Kenya. By mid-2023, Sabi claimed over 300,000 merchants and $1 billion in annualized GMV. That momentum helped it secure a $38 million Series B round at a $300 million valuation. But like many startups in the B2B e-commerce space in Africa, Sabi faced structural headwinds: thin margins, capital intensity, and tough unit economics. Unlike competitors that burned through capital, Sabi maintained an asset-light model and stayed profitable. Still, the market shift has been clear. What African B2B e-commerce startups can learn from OmniRetail's profitable run In March, the company launched TRACE as a new business line, alongside FMCG. The new vertical targets mineral and agricultural exports such as lithium, cobalt, tin, and cash crops, where global buyers increasingly demand transparency, ESG compliance, and traceability. Sabi says it now exports over 20,000 tons of such commodities monthly to buyers across the U.S., Europe, and Asia. It has also launched operations in the U.S. and made senior hires to support that expansion. 'Sabi is entering its next chapter, with a focused commitment to commodity trade and traceability for global customers,' it said in a statement. 'We're doubling down on the part of our business seeing the most demand, built on the strong foundation we've laid since 2021 by supporting African merchants and their growth. To align with this momentum, we've made the difficult decision to restructure parts of our team.' The transition underscores a broader theme: as informal commerce platforms in Africa search for sustainability, Sabi is showing that evolving into infrastructure plays for global trade is possible. While this strategy offers higher margins and clearer paths to profitability, it can also lead to internal shakeups as Sabi's restructuring shows. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
TechCrunch
20-06-2025
- Business
- TechCrunch
After raising $38M, African e-commerce startup Sabi lays off 20%, pivots to traceable exports
African B2B e-commerce startup Sabi has laid off around 20% of its workforce (~50 employees) as it pivots from its original retail-focused platform to double down on a growing business in commodity exports. The layoffs, confirmed by the company on Thursday, are part of a broader restructuring aimed at aligning resources with what it describes as rising demand for traceable, ethically sourced commodities, an area it began building out last year under a new vertical called TRACE (Technology Rails for African Commodity Exchange). Launched in Lagos in 2020, Sabi began as a software platform helping informal retailers digitize inventory and sales amid COVID-19 disruptions. It later expanded into a fast-moving consumer goods (FMCG) marketplace with embedded finance, scaling across Nigeria and Kenya. By mid-2023, Sabi claimed over 300,000 merchants and $1 billion in annualized GMV. That momentum helped it secure a $38 million Series B round at a $300 million valuation. But like many startups in the B2B e-commerce space in Africa, Sabi faced structural headwinds: thin margins, capital intensity, and tough unit economics. Unlike competitors that burned through capital, Sabi maintained an asset-light model and stayed profitable. Still, the market shift has been clear. In March, the company launched TRACE as a new business line, alongside FMCG. The new vertical targets mineral and agricultural exports such as lithium, cobalt, tin, and cash crops, where global buyers increasingly demand transparency, ESG compliance, and traceability. Sabi says it now exports over 20,000 tons of such commodities monthly to buyers across the U.S., Europe, and Asia. It has also launched operations in the U.S. and made senior hires to support that expansion. Techcrunch event Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $200+ on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW 'Sabi is entering its next chapter, with a focused commitment to commodity trade and traceability for global customers,' it said in a statement. 'We're doubling down on the part of our business seeing the most demand, built on the strong foundation we've laid since 2021 by supporting African merchants and their growth. To align with this momentum, we've made the difficult decision to restructure parts of our team.' The transition underscores a broader theme: as informal commerce platforms in Africa search for sustainability, Sabi is showing that evolving into infrastructure plays for global trade is possible. While this strategy offers higher margins and clearer paths to profitability, it can also lead to internal shakeups as Sabi's restructuring shows.
Hindustan Times
17-06-2025
- Politics
- Hindustan Times
Punjab: Majithia's close aide Sabi joins Congress
Three leaders of the Shiromani Akali Dal, including Sarbjot Singh Sabi, considered a close confidante of Bikram Singh Majithia, joined Congress on Monday. The other two leaders are Rajinder Deepa from Sunam and Anil Thakur from Mukerian. They were inducted into the party fold by the Congress general secretary and in-charge Punjab affairs Bhupesh Bhagel in the presence of the state president Amarinder Singh Raja Warring, leader of Opposition in Punjab assembly Partap Singh Bajwa and other senior party leaders. Sabi, 47, had unsuccessfully contested the 2022 assembly election from Mukerian constituency and bagged nearly 30,000 votes. Sabi had joined Akali Dal at a young age and was appointed circle president of SAD when he was barely 22. He went on to become Hoshiarpur district president and Doaba zonal president. He also remained chairman of Hoshiarpur zila parishad. The move has come as a big jolt to SAD, which is struggling to resurrect itself after suffering setbacks on political and panthic fronts. Sources close to Sabi said Majithia was in the know of his decision. Along with Majithia, Sabi had openly opposed the unceremonious removal of Giani Raghbir Singh as Akal Takht jathedar, which had irked SAD president Sukhbir Singh Badal. Talking to HT, Sabi said that SAD leadership itself was responsible for the party's downfall and it has lost the trust of the Sikh community. 'I had urged Sukhbir long back to seek forgiveness from the community for the wrongs but he did not pay any heed. Even today he has not mended his ways,' Sabi said, alleging that the SAD leaders were now trying to cosy up with the BJP, a party they abused all these years. 'It is difficult to work with such two-faced people', he said. Sabi said that the Congress still worked within a system and its biggest asset was its secular credentials. Asked if he would seek Congress' ticket for the next assembly polls, he said it was for the party to decide. 'My job is to work and I will put in my best efforts', he added. Bhagel said it's a sign that Congress is making a comeback in Punjab. 'Coming events cast their shadow,' he remarked while suggesting that senior leaders from other political parties were looking forward to joining the Congress. 'This is just the beginning as the winds of change have started blowing in Punjab', Warring said, adding that people of the state were fed up with the current AAP regime. Bajwa said that the three leaders would further strengthen the Congress in Punjab.
Zawya
18-02-2025
- Business
- Zawya
Winners announced for the Africa Tech Summit Awards 2025
Nairobi, Kenya, Africa Tech Summit Awards announced the 2025 winners, recognising the leading entrepreneurs and ventures shaping the tech industry across the continent. The awards ceremony was held during the seventh edition of Africa Tech Summit Nairobi, powered by Raenest, which connected over 1,600 tech leaders from more than 65 countries to do business. Lauren Adair, Director of Africa Tech Summit, said: 'The Awards were created to celebrate tech companies driving business and growth across a range of sectors and it was fantastic to host so many finalists doing this, all in one room. A huge thank you to our independent judging panel and to everyone who joined us in recognising their achievements, cheering them on and closing the seventh Africa Tech Summit Nairobi on a high.' Winners of the Africa Tech Summit Awards are: Agritech Award - Mazao AgClimate Limited (Tanzania): With over 50 million smallholder farmers at risk of losing arable land due to the overuse of synthetic fertilizers and deforestation, MazaoHub aims to restore soil health, reduce fertilizer dependency, and prevent environmental collapse, enabling both ecological balance and food security. AI Award - Cassava Technologies (South Africa): Cassava Technologies is pioneering AI-driven infrastructure to enhance connectivity, cybersecurity, and cloud services. Their innovations ensure businesses and individuals can access secure, scalable, and affordable digital solutions, fueling Africa's digital economy. Climate Tech Award - Sabi (Nigeria): Sabi's Technology Rails for African Commodity Exchange (TRACE) platform is a blockchain-enabled climate technology that delivers real-time traceability, Environmental, Social, and Governance (ESG) compliance, and carbon tracking for commodities like cocoa, lithium, and copper. Cross Border Payments Award - Flutterwave (Nigeria): Flutterwave's Send App simplifies international remittances, helping individuals and businesses transfer money seamlessly across 35+ countries, including the UK, US, Canada, Nigeria, and Kenya in minutes. Digital Commerce Award - OmniRetail (Nigeria): Retail trade in Africa is highly fragmented, with nearly 90 per cent of retailers relying on the traditional distribution system. OmniRetail is digitizing the retail sector by simplifying distribution and enabling better access to essential goods. EdTech Award - Ikusasa Technology Solutions (South Africa): Championing inclusive education, Ikusasa Technology Solutions is digitizing vocational training through its SMART Technical and Vocational Education and Training (TVET) initiative. Enterprise Award - Smile ID (Nigeria): Africa faces significant challenges in identity verification, with over 400 million individuals lacking reliable IDs. Smile ID addresses this gap by providing innovative solutions that verify identities in real time, reduce fraud risks, and enable secure transactions. FemTech Award - My Pregnancy Journey (South Africa): The first African-focused maternal digital health app, offering culturally relevant pregnancy tracking, local health expert connections, and a digital ecosystem that supports women from pregnancy through postpartum. FinTech Award - HUB2 (Mauritius): Cross-border payments in Francophone Africa remain complex, with over 100 mobile money operators and numerous banks working independently. This fragmentation makes it challenging for businesses to navigate and integrate payment systems. HUB2 addresses this issue by providing a single API that consolidates mobile money, bank transfers, card payments, and cryptocurrency, simplifying the transaction process. Health Tech Award - Zuri Health (Kenya): Is a pioneering digital healthcare platform that ensures affordable and accessible healthcare across Africa. With virtual consultations, AI-powered diagnostics, pharmacy delivery, and chronic care management, Zuri Health serves patients via mobile apps, WhatsApp, SMS, and websites. Web3 Award - MiniPay (Nigeria): Millions of people in emerging markets lack access to essential financial services, and many find blockchain and cryptocurrency products intimidating. Integrated into Opera Mini, MiniPay enables fast and low-cost peer-to-peer transactions using USD Coin (USDC), Tether (USDT), and Celo Dollar (cUSD). Female Tech Innovator - Chinwe Udo-Davis (Nigeria): Chinwe is the Co-Founder & CEO of Instollar, a green energy marketplace that addresses the limited access to clean, reliable energy in Africa, particularly in rural and underserved areas. InstallHer trains women in solar installation, empowering them with skills and creating job opportunities in the green economy. Young Tech Innovator - Maxwell Opondo (Kenya): He developed Zerobionic, a robotic arm that responds to sign language, enabling real-time communication and interaction for students with hearing impairments. Africa Tech Summit Nairobi, powered by Raenest, featured a range of exciting activities, including the launch of the Africa Climate Tech and Sustainability report, developed in partnership with The Sixth D and Mercy Corps Ventures. This report offers valuable insights from leading practitioners investing in and implementing climate tech innovations across Africa. Additionally, the summit marked the inauguration of Project Jacaranda, a groundbreaking collaboration between Sirona's Direct Air Capture and Cella's permanent carbon storage technologies in Kenya. Industry leaders will convene at Africa Tech Summit London on June 6th, 2025 at the London Stock Exchange. About Africa Tech Summit Nairobi Africa Tech Summit Nairobi (ATSNBO) is a leading African tech event providing insight and networking with the African tech ecosystem. ATSNBO brings together tech leaders, MNOs, banks, international investors, entrepreneurs, governments, trade bodies, media and leading ventures to drive investment and business in African tech.
