SpaceX will partner with e-commerce firm Jumia Technologies to expand its Starlink satellite broadband services in Africa.
Browsing: Jumia
Jumia Technologies made a deal to sell French retailer Leroy Merlin’s products in West Africa.
African e-commerce firm Jumia Technologies said it was past peak losses, driving its shares up 16% despite a wider quarterly loss.
Jumia Technologies is expanding in online food delivery as the pioneering Africa e-commerce business looks to grow beyond its main market of trading phones and electronics.
African e-commerce pioneer Jumia said on Wednesday its cost cuts helped it reduce fourth quarter losses by 47% from a year ago, even as revenues continue to slide, showing that its path to profitability was on course.
Jumia Technologies is looking beyond an immediate target of generating a profit from its pioneering African e-commerce business, laying out longer-term plans to spin off divisions and enter new countries.
MTN Group said on Friday it had now exited its 18.9% stake in African online retailer Jumia, making R2.3-billion in net proceeds.
Jumia Technologies is facing fresh competition from start-ups in the African e-commerce and logistics market after the Covid-19 pandemic increased demand for online deliveries.
Revenues for African e-commerce heavyweight Jumia slid by 10% in the second quarter, dashing hopes that lockdowns aimed at stemming the spread of the Covid-19 would lead to a flood of online orders.
MTN Group is planning to sell part or all of its R4.2-billion interest in Jumia Technologies as it looks to pay down debt and enter new markets, according to people familiar with the matter.