Millicom Invests $45m In Jumia, Hellofood, Kaymu And Vamido

Mergers, Acquisitions and Financial Results

Emerging market-focused telecommunications company Millicom International Cellular S.A, invested an additional $45 million into Rocket Internet’s Africa online ventures, Jumia, Hellofood, Kaymu & Vamido.

According to a CP-Africa report, the investment increases Millicom’s stake in Jumia Africa from 20 to 35 percent.

Commenting on the investment, Millicom’s President and CEO, Hans-Holger Albrecht, said: “The opportunities look even greater than when we first decided to invest in them. In Africa, e-commerce could hasten the evolution of the established retail sector as consumers increasingly adopt the digital lifestyle.That is why such timely investment is of essence.”

Jumia Africa’s Co-founders and CEOs, Jeremy Hodara and Sacha Poignonnec were confident about the investment’s impact on the retailer’s performance.

“It will give us the financial power to increase even more our leadership position in fast growing markets such as Nigeria, Egypt, Morocco, and Kenya and to expand to new countries fast,” they said.

Millicom offers a range of digital services to over 45 million customers under the “tigo” brand in fifteen emerging markets as well as ecommerce sites across Africa and Latin America. Founded in 1990, the firm’s revenue has been driven mainly by mobile phone services but also offers cable, broadband, e-commerce and other media. In March 2013 the company announced a new strategy to double annual revenue to $9 billion in 2017.