Nigerian-based online retailer Jumia became the first African tech startup to be publicly traded on the New York Stock Exchange on April 12.
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Jumia is a digital marketplace company founded in Lagos in 2012 , Jumia now operates multiple online verticals in 14 African countries, spanning Ghana, Kenya, Ivory Coast, Morocco and Egypt. Goods and services lines include Jumia Food , Jumia Flights and Jumia Deals.
The company has grown popular since launching in 2012 by delivering orders to hard-to-reach locations in sub-Saharan Africa — something the bigger players in e-commerce have yet to do.
The extra cost of forging ahead in a new market means that Jumia has yet to turn an annual profit, despite revenue growing by 39 percent in 2018. This is one reason why Jumia has joined the New York Stock Exchange.