Apr 12, 2019

Jumia: 'Africa's Amazon' in landmark stock market listing

Jumia is listing about 18% of its shares, giving it "Unicorn" status - a technology start-up worth $1bn-plus. The BBC's Africa Editor, Larry Madowo, said that Jumia was not yet profitable and had accumulated losses of nearly $1bn since it was founded. Although there are technical and infrastructure hurdles to growing Africa's online retail market, he said a big selling point was that Jumia accepted mobile money payments across a continent where few people have credit or debit cards. "The DHL Africa eShop brings together more than 200 American and British retailers and will deliver directly to homes, something Jumia has struggled with." Erik Hersman, chief executive of Nairobi-based internet and software firm BRCK, said Jumia's listing sent an important signal to other African start-ups that a major stock market listing was possible.

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