The investment will help AIG improve its existing operations and expand into new countries.
“CDC’s investment in AIG means that we’re backing a business that is playing a leading role in Africa’s growing ecommerce market. The investment will help create thousands of jobs and allow many small businesses to access new markets previously closed to them,” said Mark Pay, CDC’s Managing Director, Equity Investments.
He added, “…we’re pleased to be supporting a company that can be a financial success and make a big difference to the continent’s development.”
This new investments brings AIG’s total equity funding received to a whopping US$466.98 million.
Its subsidiaries were also not spared. Kaymu, Jovago, Hellofood, Vendito, Lamudi, Carmudi, and AIGX now operate as Jumia Market, Jumia Travel, Jumia Food, Jumia Deals, Jumia House, Jumia Car and Jumia Services respectively.
The rebranding, which leverages Jumia’s massive success in Africa, ensures the group operates under the same brand name that will be trusted and loved by its customers across Africa.
Co-CEO of Jumia Group, Sacha Poignonnec said, “Today, Jumia already reaches 50 million people every month and there is no doubt CDC will be a crucial partner in extending that reach over the next months and years.”