Jumia pledges $160 million investment in Egypt
The online retailer Jumia is planning to pump $160 million into the Egyptian market in the next three to five years, executive director of Jumia Egypt, Hesham Safwat announced Tuesday.
The money will go for upgrading Jumia’s website, logistics services, and launch new firms in the North African country. Safwat said.
In a press conference celebrating Jumia Egypt’s 4th anniversary, Safwat added that the parent company had allocated $450 million for a five-year investment scheme to include 24 countries. 35 percent of the allocated investments will be directed to the Egyptian market, he said.
Safwat also revealed Jumia’s plans to launch three subsidiaries, one in the tourism sector; dubbed Jumia Travel, another in the car rental and automotive sales sector, while the third would be in the online recruitment sector.
Africa Internet Group (AIG), Jumia’s parent company, has raised equity from Orange, AXA General Insurance, Goldman Sachs, and CDC Group, said Safwat.
