Jumia – Africa’s fastest growing e-commerce retailer with operations in Nigeria, Egypt and Morocco – and Zando – the #1 fashion retailer online in South Africa – announced an investment by J.P. Morgan Asset Management recently. The investor will take a stake 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.
The company was launched with the support of Rocket Internet – the European incubator of internet start-ups.
“This investment is a real turning point for Jumia, and e-commerce in Nigeria” said Jumia cofounders and joint-CEO’s Tunde Kehinde & Raphael Afaedor. “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.”
“Attracting such a reputable international investor to support our future growth shows commitment and confidence in our business,” said Zando’s Co-founder and Managing Director, Manuel Koser. “At ZANDO customer satisfaction is very important to us. This investment will assist the business by supporting its vision and all of its operations.”
J.P. Morgan Asset Management Portfolio Manager Robert Cousin, who worked on the deal from New York, commented further saying, “We are excited to partner with Jumia and Zando as the companies continue to expand their e-commerce presence in Africa.”
