In 2012, Jeremy Hodara and Sacha Poignonnec, ex-McKinsey consultants, founded Jumia along with Tunde Kehinde and Raphael Kofi Afaedor. In 2012, it was unveiled in Lagos, Nigeria. In addition, it has since spread to five other countries. Egypt, Morocco, Ivory Coast, Kenya, and South Africa are included.
The company opened offices in Tunisia, Tanzania, Ghana, Cameroon, and Uganda in 2014 to 14 African countries in 2018 (including Algeria).
Even in Egypt, Jumia is trying to establish itself as one of the most popular e-commerce portals. Jumia Travel was launched in June 2013. In addition, a hotel reservation system was made available through the company, and a food delivery service called Jumia Food was introduced.
Jumia made $234 million in profit in 2015. Furthermore, this represents a 265 percent rise from 2014. It also became Africa’s first unicorn in 2016 with the launch of Jumia. It had a market value of more than $1 billion. Earlier this year, Jumia agreed with cryptocurrency firm Telcoin.
This collaboration aimed to improve payment service capabilities in all of their markets. Both Jumia and Carrefour signed a partnership in Africa in the same month to sell online products. On the New York Stock Exchange in April 2019, Jumia went public (NYSE). Net proceeds totaled $196 million.
The initial $14.50 offering price of the stock has increased by more than 200 percent. And that’s just in the first three trading sessions, to be precise. Analyst papers released just 21 days after the IPO rated the company at stock targets of between 27 and 40 dollars. ‘However, by the end of the year, the share value had fallen to less than $5 per share from its peak of nearly $50 on May 1, 2019.
In November of this year, Jumia announced that it was ceasing operations in Cameroon due to a lack of interest. And on November 18, it was set to take effect. They concluded that their transactional portal was not suitable for the current climate in Cameroon, and they also figured that. As additional consideration for portfolio optimization, keep in mind. Since then, Jumia has shut down operations in Tanzania entirely.
As of November 27, 2019, Tanzania’s was to take effect. Customers and vendors alike benefited greatly from Jumia’s presence in Tanzania. To help Jumia succeed, it said it needed to re-allocate its resources to other markets.
As a result, the company believes that its decision will help it succeed in the future. Jumia Food was discontinued in Rwanda on December 9, 2019. In this regard, it is the third country in two months that has been included in the ongoing monitoring of the economic climate. And the costs of doing business in the markets where it does business.
In 2012, Rocket Internet, MTN, and Millicom teamed up to launch Kasuwa (Hausa for market). Subsequently, it took on the moniker “Jumia Group.” AXA, Goldman Sachs, Orange, and CDC invested over €300 million in Jumia Group in March 2016.
MTN Group was the company’s largest shareholder as of 2019. However, Pernod Ricard also invested in Jumia in December 2018. Once again, Mastercard invested 50 million euros in Jumia in March 2019.
Jeremy Hodara is Rocket Internet GmbH‘s Founder and Managing Director for Africa and France.
As a consultant at McKinsey, Jeremy Hodara worked in France, India, and the US.
His tenure at the company also spanned seven years. He was studying retail and e-commerce while he was there. Jeremy has a Master’s in Business Administration from the University of Michigan.
Hodara currently serves as the Co-CEO & founder of Jumia at the Jumia Group, which he founded in 2010. In addition, he founded Africa Internet Holding, where he serves as the company’s founder and CEO and Rocket Internet’s Managing Director of the Africa Internet Group.
In addition, Jeremy Hodara has worked in four different positions, and he is McKinsey & Company’s Senior Engagement Manager.
Leave a Reply