A few months after the departure of its long-standing shareholder, Rocket Internet, Jumia is once again in turmoil.
The MTN Group has announced its exit from the company's capital during a presentation of its third-quarter 2020 results. The South African telecom operator has sold its 18.9% stake in the e-commerce company for nearly $140 million.
"We are proud to have been a partner in the evolution of one of the pioneering companies in the online market in Africa, and we will continue our relationship with Jumia through operational partnerships," commented the MTN Group.
This is another blow for the African e-commerce "unicorn," which has been facing a series of closures across the continent in recent months.
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