Jumia Group, Africa's biggest eCommerce platform has since been chasing profitability. This chase has seen it close operations in some of its markets.
In 2023, Jumia shut down its food delivery services across seven African countries. Over the past few years, the company has also reduced its advertising spend as part of its cost-cutting efforts.
As of 2023, the eCommerce giant's accumulated losses stood at $2.1b, a billion dollars of which was recorded post-IPO in April 2019. The company raised $986.5 million pre-IPO. The loss recorded in 2023 only accounted for less than 6% of the company's accumulated loss. Jumia is reducing its operations, a move that's also affecting its active customers and orders. West Africa accounted for the largest share of the company's revenue in 2023 and its full-time employees.
Jumia Group has recorded $1b in losses since listing on the New York Stock Exchange in 2019. The eCommerce giant also recorded its highest yearly loss in 2019. In recent years, Jumia Group has shut down some of its businesses across Africa, thus recording its lowest loss over seven years in 2023.
