Wall Street is finally turning more bullish on Jumia Technologies as its debut results as a public company quelled some fears amid a scathing report from short-seller Citron Research.
When e-commerce platform Jumia listed in New York last month, it was heralded as Africa’s first unicorn to go public.
MTN Group plans to sell at least half of its R9.4-billion interest in newly listed Jumia Technologies, according to people familiar with the matter.
Often tagged as Africa’s Amazon.com, Jumia has been able to grow in markets largely untapped by the US heavyweight, which is hampered by a lack of distribution infrastructure on the continent.
Jumia Technologies said on Monday that Mastercard has agreed to invest €50-million in a private placement ahead of the Africa-focused online retailer’s planned initial public offering in New York.
Jumia has kick-started a plan to sell shares in New York as the fast-growing Nigerian firm seeks to take advantage of rising Internet access and increasing smartphone use on the continent.
In the podcast this week, Duncan McLeod and Regardt van der Berg discuss Stella Ndabeni-Abrahams altercation with an SABC news crew at the weekend, and her subsequent apology.