Millicom Invests Additional €35 Million Into Rocket Internet’s African Ventures
After it signed an agreement with Rocket Internet to jointly develop franchises in the online sector in Latin America and Africa in a €340 million deal last August, Millicom, a global telecommunications group with mobile telephony operations in 13 countries in Latin America and Africa has invested an additional €35 million in Rocket’s operations in Africa.
The deal sees the global telecommunications group increase its stake in Rocket ventures — Jumia, a leading e-commerce site in Africa, Hellofood, a food delivery service already present in over ten African countries, Kaymu, a marketplace to help small merchants reach new customers, and Vamido.com, a real estate classified website launched last month – from an initial 20% to 35%.
According to Jeremy Hodara and Sacha Poignonnec, Jumia Co-founders and CEOs: “This investment confirms Millicom’s trust in our ability to become the leading e-commerce group in Africa.”
The fresh capital injection is expected to help the leading online retailer to increase its market leadership position in fast growing markets such as Nigeria, Egypt, Morocco, and Kenya and to expand to new countries fast.