Home / Knowledge / News / Apparel/Garments / African etailer Jumia bags €120mn in new round of funding
African etailer Jumia bags €120mn in new round of funding
02
Dec '14
African online retailer of fashion products, consumer electronics, home appliances to beauty products, Jumia said it has received a new round of investment amounting to €120 million.

“These investments, which were made by existing shareholders, strengthen the company's position as the leading online retailer in Africa,” Jumia said in a statement.

Jumia is part of Africa Internet Group (AIG), a leading Internet group in Africa with 9 companies in 26 countries.

AIG in turn is owned by three global experts in e-commerce and African markets; MTN, Millicom (Tigo) and Rocket Internet.

Over 1,500 people are employed by Jumia and over 3,500 people across Africa Internet Group’s network.

Jeremy Hodara, co-CEO of AIG said, “We very pleased with this show of confidence and consider this as recognition of the huge potential of e-commerce in Africa and the strong momentum of Jumia.”

Jumia had modest beginnings in a garage in Lagos, Nigeria in 2012. Within two years, Jumia built up its own logistics infrastructure, an entire warehouse and its own fleet of drivers.

In 2013, Jumia became the first African company to win an award at the World Online Retail Awards in Paris, where it was celebrated as the “Best New Retail Launch” of the year.

Now, with operations in 10 countries, Jumia is the largest e-commerce company in Africa and has more than doubled the amount of sales through its mobile and desktop applications in 2014.

With its marketplace platform for third-party merchants, Jumia offers an entry point for many international brands who are looking to enter or grow their presence on the African continent.

Jumia operates in Cameroon, Egypt, Ghana, Ivory Coast, Kenya, Morocco, Nigeria, Uganda, UK, and Tanzania. (AR)

Fibre2fashion News Desk - India

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