Hesham Safwat, the CEO of Africa-focused e-commerce behemoth Jumia, dubbed “African Amazon,” has said that Jumia had planned to invest more than $590 million in Egypt and other African nations this year.
Safwat didn’t say how much of the money went to Egypt, but he did say it was “one of the top nations we’re concentrating on,”.
He went on to say that the company would put its money towards services. Jumia Mall and Jumia Foods are included.
Read also:Jumia Finally Raises $348.6 Million
In July of this year, Jumia Egypt will double the number of pickup stations to 200 and increase the number of last-mile delivery stations by 40%. In addition, to boost next-day delivery services, the company aims to expand its storage and delivery capacity.
Jumia invest Egypt
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning write