Jumia Market
|
Type of site
|
E-commerce |
|---|---|
| Available in | English, French, Portuguese |
| Founded | 2013 |
| Headquarters | Yaba, Lagos, Lagos State, Nigeria |
| Area served | Africa |
| Key people |
|
| Industry | Retail |
| Parent | Jumia Group |
| Website | Jumia Market |
| Launched | 2013 |
Jumia Market is an online marketplace/electronic commerce company under the umbrella of the Jumia Group conglomerate. The company is mainly known for its range of appliances, hardware, fashion items. The company was founded by Jeremy Hodara and Sacha Poignonnec as Kaymu in 2013. Its headquarters are currently in the Yaba area of Lagos, Nigeria. The company initially started out as the Rocket Internet Company. However, the rapid growth of the company allowed it to secure strategic investors, including CDC, Goldman Sachs, Orange, MTN and the Millicom group. On June 23, 2016, Africa Internet Group (AIG), Jumia Market’s parent company announced that it was bringing all its known e-commerce companies under the Jumia umbrella.
Jumia Market was founded by Jeremy Hodara and Sacha Poignonnec in February, 2013. The company started operations in Nigeria and Pakistan that same year under the name Kaymu; after receiving an undisclosed amount of seed funding from Rocket Internet. The company grew from an employee base of ten to sixty within first nine months and opened operations in Ghana and Morocco in October, 2013.
By June 2015, Kaymu had expanded its operations to Algeria, Saudi Arabia, Croatia and Angola Mozambique, Bangladesh, Nepal, Myanmar, Slovenia, Sri Lanka, Bulgaria, Uzbekistan, and the Philippines, bringing the total number of countries to 35. Jumia Market employs eBay's business model, serving as an online mall where sellers and buyers meet to make transactions.
The company launched its smartphone apps for Android, iOS and Blackberry in September, 2014 tapping into the tremendous growth of mobile technology, especially on the African continent. In March 2016, AIG announced that top tier investment bank, Goldman Sachs and French Insurance company AXA, had joined its list of investors with both investing a cumulative sum of over $300 million. The company is headed globally by Massi Spalazzi, who serves as Chief Executive Officer (CEO), while Andrea Di Natale serves as the company’s Chief Operating Officer (COO).
In June 2016, AIG, via a combination of a live Periscope broadcast and Twitter feed updates, announced that it was merging all its online brands into one company: Jumia. As a result, platforms exploring food, real estate, automobile, travel, and general goods market, became a part of the Jumia franchise.
In October 2015, Jumia Market Village, an offline store, was created to help attract customers who were skeptical about the safety of online transactions.The store was designed to create an environment for customers who were looking to interact with sellers face to face and customers who could not complete payments through the Internet.
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