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Malagasy businessman Hassanein Hiridjee has been nominated to join Jumia Technologies AG’s Supervisory Board after Axian, the company he leads, took a significant stake in the African e-commerce group. The filing with the U.S. Securities and Exchange Commission shows his appointment follows the departure of Angela Mwanza, managing director at Rockefeller Capital Management, from the board.
Axian, headquartered in Mauritius, first acquired an 8 percent holding in Jumia in June 2025 and later increased it to 9.97 percent, now valued at about $110 million. The investment not only strengthens Axian’s voice within Jumia but also comes amid reports that the group may be considering a full buyout. Earlier this year, Axian also raised $600 million through a bond issue to support its regional expansion, underscoring the company’s broader ambitions.
Jumia’s struggles and efforts to recover
Once celebrated as “Africa’s Amazon,” Jumia has seen its market capitalization shrink from more than $3 billion at the time of its 2019 New York IPO to a fraction of that today. The company has endured years of mounting losses and the exit of major investors, including early backer Baillie Gifford.
Since Francis Dufay stepped in as CEO in late 2022, Jumia has focused on trimming costs and simplifying its operations. The changes are showing results: losses have narrowed from $206 million in 2022 to an expected $50–55 million this year. The company has pulled back from weaker markets such as Tunisia and South Africa, choosing instead to consolidate in larger territories including Nigeria, Kenya, Uganda, and Egypt.
A key part of its recovery has been reaching beyond big cities. More than half of Jumia’s orders now come from secondary cities and rural areas, signaling deeper penetration into markets that had previously been underserved. This focus has allowed the company to sustain growth even as it scaled back elsewhere.
Stronger numbers revive optimism
Jumia’s most recent results show cautious but steady progress. In the second quarter of 2025, revenue rose 25 percent year-on-year to $45.6 million, while operating losses dropped 18 percent to $16.5 million. The company also cut its quarterly cash burn by half, helping restore some investor confidence after years of skepticism.
Against this backdrop, Hiridjee’s expected arrival on the board could give Axian more influence over Jumia’s direction. Analysts suggest it may open the door to closer cooperation — or even a possible takeover — as Axian pushes deeper into Africa’s digital economy.
Hiridjee, regarded as one of the continent’s most prominent business leaders, oversees Axian Group, a conglomerate with interests in telecommunications, energy, financial services, real estate, and fintech. By extending his reach into e-commerce, he is positioning Axian to play a central role in shaping the next phase of Africa’s digital retail industry.
