Jumia Technologies AG, the leading pan-African e-commerce platform, announced that it had entered into an “at the market offering” sales agreement with Citigroup Global Markets Inc. for an aggregate 7,969,984 of Jumia’s ADSs. Jumia intends to use the net proceeds from this offering for general corporate purposes. The amount of net proceeds will depend upon the market price at which the ADSs are sold.
Jumia is the leading pan-African e-commerce platform. Jumia’s platform consists of its marketplace, which connects sellers with consumers, its logistics service, which enables the shipment and delivery of packages from sellers to consumers, and its payment service, which facilitates transactions among participants active on platform in selected markets.It is the destination of choice for brands in Africa and on boarded over 60 brands on the platform.
“Having established Jumia as the leading pan-African e-commerce platform, we have focused over the past 12 months on firmly advancing towards breakeven. The significant progress achieved was mostly attributable to the thorough work we have done on the fundamentals of our business. The business mix rebalancing initiated late last year has increased our exposure to everyday product categories and, combined with enhanced promotional discipline, supported unit economics,” stated the Jeremy Hodara and SachaPoignonnec, Co-Chief Executive Officers of Jumia.