Wednesday, August 5, 2020

Jumia is shutting down in parts of Africa in portfolio review

Must read

African stars seek support for victims of Beirut explosion

Many African stars are rallying for support for victims of Tuesday’s bomb blast in the Lebanese capital Beirut. Former Chelsea and Ghanaian midfielder Michael Essien,...

Ghanaian students demonstrate over strict exams supervision

Final year students of the Tweneboa Kodua Senior High School in Ghana’s Ashanti region have demonstrated against strict supervision in the ongoing West African...

Iker Casillas retires from football

Former Real Madrid and Spain goalkeeper Iker Casillas has retired from football at the age of 39. Casillas made 725 appearances for Real during a...

SA Innovation Summit 2020 to take Africa to the World

For the very first time in its 13-year history, the SA Innovation Summit (SAIS) – the largest start-up event in Africa – will be...
Isaac Kaledzihttps://en.wikipedia.org/wiki/Isaac_Kaledzi
Isaac Kaledzi is an experienced and award winning journalist from Ghana. He has worked for several media brands both in Ghana and on the International scene. Isaac Kaledzi is currently serving as an African Correspondent for DW.
- Advertisement -

Online retailer Jumia Technologies has announced the shutting down of its portfolio in Tanzania.

The company announced this decision weeks after shutting its office and operations in Cameroon.

Widely regarded as “the Amazon of Africa,” the company said in a statement on Thursday that “As part of our ongoing portfolio optimisation effort, Jumia has come to the difficult decision to cease our operations in Tanzania effective on November 27.”

Jumia this year listed 17.6% of its shares at $14.50 a share on the New York Exchange with hopes of raking in more investments to expand.

The company was expected to have access to a larger pool of investors and global visibility.

- Advertisement -

Officials of Jumia were also hoping to raise $196m for shareholders and for future investment.

But Jumia is yet to be profitable with analysts saying it has accumulated losses of almost $1bn since it started operating.

Its African identity has also been questioned by many analysts including start-up experts in Africa.

Jumia has until now operational footprint in over a dozen countries. It is popular in Nigeria, Kenya, Ghana, Algeria, Angola, and Senegal.

- Advertisement -

The company although operates in Africa exclusively has it’s platform setup based in Portugal.

On its digital platform, Jumia sells anything from electronics to clothes. It also has hotel and flight booking sites as well as food delivery platform.

Jumia has four million active consumers on its digital platform as at 2018. But it was founded by two French entrepreneurs in 2012.

Source: Africafeeds.com

- Advertisement -

More articles

- Advertisement -

Latest article

African stars seek support for victims of Beirut explosion

Many African stars are rallying for support for victims of Tuesday’s bomb blast in the Lebanese capital Beirut. Former Chelsea and Ghanaian midfielder Michael Essien,...

Ghanaian students demonstrate over strict exams supervision

Final year students of the Tweneboa Kodua Senior High School in Ghana’s Ashanti region have demonstrated against strict supervision in the ongoing West African...

Iker Casillas retires from football

Former Real Madrid and Spain goalkeeper Iker Casillas has retired from football at the age of 39. Casillas made 725 appearances for Real during a...

SA Innovation Summit 2020 to take Africa to the World

For the very first time in its 13-year history, the SA Innovation Summit (SAIS) – the largest start-up event in Africa – will be...

Ghana: Businesses sack 42k workers, cut wages for 770k due to Covid-19

The shock caused by the COVID-19 pandemic has had considerable impacts on Ghanaian businesses, forcing many firms to cut costs by reducing staff hours,...