Evaluating only TradeDepot B2B Retreat’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
FUNDING
CRISIS
SHUTDOWN
Full Analysis
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Documented cause
TradeDepot built a B2B marketplace for Nigerian informal retailers to order fast-moving consumer goods digitally, bypassing expensive wholesale middlemen. The product gained strong traction among corner shop owners and raised $110M. But the company extended credit to retailers to enable purchases, creating a growing receivables book in naira. When the naira devalued 60% in 2023, the real value of outstanding credit collapsed, FMCG prices in naira spiked, and informal retailer purchasing power evaporated. The receivables book deteriorated and TradeDepot was forced to dramatically scale back lending and operations.
Lesson
“EM B2B credit platforms must either price in devaluation risk or index receivables to hard currency from inception.”