Orange, a world’s leading telecommunications operator, has announced a €75 million equity interest investment in Africa Internet Group, the leading Internet platform in Africa and parent company of Jumia, Africa’s leading e-commerce platform.
Through this investment, which will be accompanied by a series of strategic partnerships, Orange will help Jumia and other startups under the AIG umbrella to accelerate their growth and seize development opportunities in Africa.
“We are particularly pleased to announce our entry into the capital of Africa Internet Group. With this strategic investment, Orange now has the capacity to play a leading role in the fast-growing e-commerce market in Africa,” said Stéphane Richard, Chairman and CEO of Orange.
Founders and co-CEOs of Jumia and Africa Internet Group, Sacha Poignonnec and Jeremy Hodara said, “We are thrilled by Orange’s equity investment and are eager to translate our strategic partnership into unique offers for our customers. Jumia and our other online consumer services give millions of African consumers an opportunity to access and transact with local companies in a new and very convenient way,”
They added, “With Orange’s support and expertise, combined with that of our existing long-standing shareholders, we will be able to further improve our service offerings and the customer experience while continuing to invest in our infrastructure.”
This investment underscores Orange’s commitment to Africa, a high-growth territory where nearly one in ten inhabitants is an Orange customer, and confirms the Group’s determination to provide the best digital services to its customers.
With the investment, Orange is now a shareholder in the Africa Internet Group, joining AXA, who recently invested €75 million in the group, and Goldman Sachs and longstanding investors MTN Group, Millicom and Rocket Internet, who all invested a combined sum of €225 million in the group recently.
Jumia, currently present in 11 African markets, is AIG’s main subsidiary. Its other subsidiary include Kaymu, a leading online shopping community, as well as leading marketplaces in food delivery (Hellofood), travel (Jovago) and leading classifieds operations in real estate (Lamudi), jobs (Everjobs) and cars (Carmudi).
Africa Internet Group, the leading Internet platform in Africa, promotes sustainable online growth that benefits both businesses and consumers. Its subsidiaries are present in more than 30 African countries.