JP Morgan office
JP Morgan Asset Management is to make strategic investment in Jumia, which is an African e-commerce retailer which has operations in Nigeria, Egypt, Morocco and South Africa. A statement from the firm explained that investor will take a stake in through a German holding company in an all cash-for-equity investment.
Jumia was launched in spring 2012 and offers a wide range of general merchandise categories such as fashion apparel, shoes, electronics, mobile phones, books, toys, beauty products and many more categories.
The company currently operates in Nigeria, Egypt and Morocco, with plan to expand in additional countries in the coming months. It was launched with the support of Rocket Internet – the European incubator of internet start-ups.
The statement by the Co-founders and joint-Chief Executive Officers, Jumia, Tunde Kehinde and Raphael Afaedor added: “This investment is a real turning point for Jumia, and e-commerce in Nigeria. With this investment, we will strengthen our current footprint, offering our customers more brands, more categories and more services as well as improving operations; we are among the pioneers of e-commerce in Nigeria and this investment confirms that Nigeria will become a very large market in the very near future.”
Tags: Nigeria, Featured, Business, JP Morgan, e-Commerce Firm
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