Jumia Technologies has more than 1.2 billion customers in Africa.
The largest e-commerce operator in Africa, Jumia Technologies, surged more than 60% on its first day of trading at the New York Stock exchange Friday. The stock is trading around $22 per share, above the opening price of $14.50. It has a market cap of just over $1 billion.
Jumia is the first African unicorn to go public. As of December 2018, the company has accumulated losses of nearly $1 billion. Similar to Amazon, its initial shareholders will have to be patient on the path to profitability. The difficulty for e-commerce in Africa is for the sellers because of the inefficient infrastructure of the continent, Jumia's CEO Sacha Poignonnec told CNBC's Squawk Alley. Jumia's technologies has created a platform where it's easy for sellers to sell and consumers to buy, in a place where there isn't much traditional retail.
Poignonnec also said there's a large opportunity in Africa because of how many people don't know about the efficiency of online shopping.
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