Latest information released by Rocket Internet (RI), owners of African online platform Jumia, suggested that the Jumia brand is performing well in Africa.
According to RI, Jumia, formerly known as Africa Internet Group, has successfully completed the rebranding of all services under the Jumia brand in 2016 and this has had a positive impact on traffic and brand awareness.
RI added that Jumia reduced its adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) losses from EUR -161.3 million in 2015 to EUR -91.9 million in 2016.
“In 2016, our selected companies progressed on their path towards profitability, while demonstrating further growth,” says Oliver Samwer, CEO Rocket Internet.
Rocket Internet and its companies continue to be very well funded, with an available gross cash position of EUR 1.5 billion at Rocket Internet and an additional gross cash position of EUR 0.8 billion at selected companies and regional internet groups, as of the end of March 2017.