Could Mauritian Telco Axian’s Acquisition Interest Spark a Jumia Comeback?
This potential buyout could give Jumia the infrastructure and capital to scale beyond its current struggles.
Africa's e-commerce unicorn, Jumia, hasn’t had it easy. Once crowned the “Amazon of Africa,” it’s lost over 90% of its value since going public in 2019. It’s pulled out of five of its 14 markets, watched its biggest backer, Baillie Gifford, walk away, and is now burning more cash than it makes.
In Q1 2025, Jumia posted just $36.3 million in revenue, a 26% drop YoY, with $18.7 million in operating losses and $23 million in cash burn.
Yet, despite Jumia's dwindling numbers and struggles, media reports say Mauritian telecom powerhouse Axian might be interested in a full buyout. The group recently raised $600 million through a bond sale, enough to pay down debt and possibly scoop up Jumia, which is currently valued at around $500 million.
But why would a telco want to buy a struggling e-commerce company? Because this isn’t just about retail. Axian already owns 9% of Jumia and sees something bigger: a chance to combine its telecom infrastructure, mobile money service MVola (with 18 million users), and Jumia’s logistics and payments platform (JumiaPay).
Kelechi Edeh
Together, they could create one of Africa’s most integrated digital ecosystems — bundling mobile connectivity, fintech, and commerce in a way few others can match.
This synergy is crucial because e-commerce growth in Africa is mobile-first with nearly 70% of web traffic coming from phones, and payment infrastructure remains a major bottleneck. With over 44 million mobile subscribers, Axian could plug these gaps and help Jumia scale beyond its current struggles.
Plus, when you consider that Africa is on track to hit 500 million online shoppers by 2025 (via ITA), with e-commerce projected to more than triple from $317 billion in 2024 to over $1 trillion by 2033, another angle to this buyout emerges. Perhaps Axian wants a bite of this trillion-dollar industry, especially at a time when Chinese giants Temu and Shein are making aggressive plays.
Still, the play makes sense. Telcos like India’s Reliance Jio have shown how combining mobile networks with e-commerce and fintech can build powerful digital ecosystems. Axian might be aiming for the same in Africa.
The deal isn’t sealed yet and could fall through. But if all goes well, Jumia might finally have the infrastructure and capital to stage a real comeback — a prospect that sent Jumia shares jumping as much as 16% on the news.
Emmanuel Oyedeji
