Shares of Jumia, Africa’s largest e-commerce firm, are expected to start trading on the New York Stock Exchange (NYSE) later today and this move could become the springboard for other start-ups on the continent to go global.
“Jumia said it raised $196m by selling shares at $14.50 each, which will give the company “unicorn” status – a technology start-up worth $1bn-plus,” a report by the BBC read.
The report added that the move by Jumia makes it the “first tech start-up from Africa to float in New York.”
Jumia, also known as the ‘African Amazon’ currently has about four million customers on a continent, although only 1% of retail sales are done online in Africa.
Jumia was founded in Lagos, Nigeria, by two French entrepreneurs in 2012 and now offers services to most of the African population, in countries such as South Africa, Tanzania, Egypt and Ivory Coast.