Jumia records 102% revenue in first quarter of 2019
For the first quarter ending March 31, 2019, electronic commerce platform, Jumia has a recorded a Gross Merchandise Volume (GMV) growth of 58 per cent leading to 102 per cent growth in marketplace revenue, year-on-year improvement of 356 basis points of operating loss as a percentage of GMV.
The eCommerce firm also announced that Mastercard is investing about €50 million, in a partnership initiative into the business.
co-CEOs of Jumia, Sacha Poignonnec and Jeremy Hodara, commented: “We believe that Jumia is increasingly relevant for consumers and sellers in Africa. Looking ahead, we remain focused on our core operations, driving consumer adoption and engagement on our marketplace, increasing the penetration of JumiaPay, while continuing to improve our financial profile and making a sustainable impact on the continent.”
The firm explained that the €50 million investment by Mastercard into Jumia, in a concurrent private placement with the Initial Public Offering, marked another milestone in the development of JumiaPay and a validation of its potential.