Jumia makes history As 1st African unicorn into hit Wall Street #Provided_ByApril 15, 2019
Jumia, Africa’s largest e-commerce company, made history on Friday as the first African tech startup to list on the New York Stock Exchange.
The stock soared more than 60 percent in its first few hours of trading – outperforming both Lyft and Levi Strauss in their debuts this year.
And like many big tech unicorns, Lyft and Uber included, Jumia is unprofitable.
But Poignonnec said there is huge potential for future growth profitability in Africa because there are still a lot of people who have yet to discover the benefits of e-commerce.
“Twenty years ago in the U.S., people started to use e-commerce,” he said.
Last year, Jumia boasted 4 million active users and more than 80,000 active sellers on its platform, which offers everything from cell phones to ceiling fans.
But it’s not just retail; the company also offers a laundry list of services including food delivery, travel bookings and advertising.
When asked what the top selling product on the site is, Poignonnec rattled off some familiar items: mobile phones, clothing and beauty products.
“Overall,” he said, “Africa is just like everywhere else.