LAGOS (Reuters) – E-commerce unicorn Jumia Technologies, which last year became Africa’s first tech firm to list in New York, will focus on proving it can turn a profit after a bruising 2019, one of its co-founders told Reuters.
A package set for delivery is seen at the Jumia warehouse in Lagos, Nigeria January 20, 2020. Picture taken January 20, 2020. REUTERS/Temilade Adelaja
Jeremy Hodara said the company aims to capitalize on its payment platform and infrastructure network and to boost revenue from services for third-party sellers on its online marketplace.
“We’re going to be extremely disciplined and very focused on our path to profitability,” Hodara told Reuters on Tuesday at the company’s office in Lagos.
Jumia, which hit a peak value of close to $4 billion, has seen its shares fall by nearly 70% since its IPO last April.
They tumbled after short-seller Citron Research cast doubt on its sales figures, which dealt a major blow to investor confidence.
Source Reuters Tech News