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.
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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 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.
Jumia Technologies raised $196-million in an initial public offering in New York, as the Africa-focused online retailer looks to boost its profile and expand an ever-growing customer base.
African online retailer Jumia is planning an initial public offering in New York this year that could value the business at about $1.5-billion, according to people familiar with the matter.
South African telecommunications group MTN, along with investment firm Rocket Internet and investment bank Goldman Sachs, have announced they are pumping €300m, or more than R5bn