The African e-commerce site Jumia has announced that its co-founders, Jeremy Hodara and Sacha Poignonnec, have stepped down as CEO and COO, respectively. They will now be replaced by Francis Dufay, who will serve as acting CEO. Meanwhile, the company has also extended its pre-Series A round by $5 million.
Jeremy Hodara and Sacha Poignonnec step down as co-CEOs
The African e-commerce giant Jumia has made some changes in its management. After the departure of co-founders Jeremy Hodara and Sacha Poignonnec, the company has appointed Francis Dufay as its acting CEO. However, Dufay will be forced to refocus resources on activities and projects before he can bring the company closer to profitability. In the meantime, the company will be searching for a permanent replacement for its current leadership team.
Founded by Jeremy Hodara and Sacha Poignonnec in 2012, Jumia has become a major player in the African tech ecosystem. It has made a mark with its innovative culture, providing a unique platform for thousands of sellers. But, the company has been struggling with persistent losses and has not managed to make much progress in the food delivery business.
Francis Dufay replaces both co-founders as acting CEO
The African e-commerce giant Jumia is a long way from profitability. Earlier this year the company announced that it would take steps to reduce its expenses and improve its performance. Since going public in late 2019 the company has suffered a 13% drop in share value. In addition, the company has not turned a profit for five straight years.
To get the company back on track, the CEO of Jumia has been tasked with building a stronger local supply of goods. Jumia also plans to make its marketplace more attractive to third-party vendors. Additionally, the CEO is looking to expand its product assortment in four key categories: food, fashion, home appliances, and consumer electronics.
Julaya extends pre-Series A round by $5 million
Julaya is a fintech startup founded by former executives from LemonWay. The company’s mission is to help African businesses digitize their payments. It offers a range of products to assist with these processes. They include a Mastercard-issued prepaid card for corporate cost management, a cash & collect solution that allows users to deposit cash via a mobile agent, and a digital B2B account that streamlines accounting.
The platform is currently available in Senegal and Cote d’Ivoire. With this latest round of funding, Julaya plans to expand across West Africa, including Togo and Benin. In addition to this expansion, the company is planning to hire talent and develop its products.
Antoine Maillet-Mezeray joins Jumia’s Management Board
Jumia is an African online retail company that has expanded across 11 countries in the region. Its business model is based on commissions paid by third-party sellers. The firm has a market capitalization of $400 million.
Jumia has had several senior leadership changes over the last year. The company’s co-CEOs have all stepped down to make way for a new group of executives. However, Jumia is still looking for a permanent CEO.
In the last few weeks, Jumia’s stock price has seen some gains and losses. Following the release of the company’s Q2 earnings, the stock price rebounded. But Jumia’s losses have continued to increase, with an adjusted EBITDA loss of up to $220 million projected for the fiscal year.
Jumia’s growth in the first quarter of 2022
Jumia, an e-commerce company that operates in Africa, reported double digit growth in the first quarter of 2022. The company’s revenue grew by 44%, with gross merchandise volume and value increasing by 27% and 27 percent, respectively.
Jumia is also expanding its range of products and services. This includes fast-moving consumer goods, such as smartphones and electronics. In addition, the company is expanding its delivery network, including food delivery.
During the first quarter of 2022, Jumia shipped over 3.5 million packages. These include orders for other companies as well as shipments for its own clients. Despite a drop in physical activity due to the holiday season, the company’s order volumes remained strong.
African e-commerce giant Jumia has released its second full-year financials for the 2020 fiscal year. The company expects to end the year with a loss of not more than $220 million, which represents a 94% increase over the previous year.
Jumia reported a gross profit of EUR1.5 million in the fourth quarter, marking the first time the company has achieved this level. The company also noted increased GMV. The total value of goods sold through the platform over time is now worth EUR231.1 million.
While Jumia reported positive metrics, its core metrics were mixed. Despite Jumia’s overall revenue growth, the company saw an uneven performance in its expenses. The cost of sales and advertising increased 159% year over year.