Jumia: The e-commerce start-up that fell from grace

Jumia: The e-commerce start-up that fell from grace

A year after its debut on the New York Stock Exchange, e-commerce start-up Jumia has shut down in three African states, struggled to turn a profit and got dumped by its original owners, writes former BBC Africa Business editor Larry Madowo.. Before the rush, the African online retailer had ended last year with 6.1 million active consumers on its websites, up from 4 million previously.. High points: April 2019 listing in New York; share price reaching $49.77. Low points: fraud claims; share price sinking to $2.15 in August 2019. Ms Anammah led her colleagues in ringing the bell above the trading floor of the stock exchange at exactly 09:30 on 12 April 2019.. The American e-commerce giant Amazon, to which it is often compared, took six years to become profitable, but eight years after its launch, Jumia is still struggling.. The bad news capped a tumultuous year for the company, praised and derided as "the Amazon of Africa".. Dr Olusanya suggests the main reason Jumia listed on the NYSE was to allow its investors to cash out.. There is no African city that is as connected to the rest of Africa as Dubai," adds Mr Hodara.. There