E-commerce is gaining momentum the world over with platforms such as E-Bay, Amazon and Alibaba turning into billion dollar businesses. In Kenya, platforms including Jumia, OLX, Kilimall and PigiaMe continue to gain traction. One of the biggest players in this scene is Jumia. Jumia is part of the Africa Internet Group, that also owns Hello Food, Jovago, Lamudi, Easy Taxi and Kaymu. Others include Carmudi, Everjobs, Vendito and Zando putting the company in 23 African markets.
AIG has now announced it has secured over 300 million Euros of funding from MTN, Rocket Internet, AXA and Goldman Sachs. AXA recently announced it will pump in $83 Million into AIG, besides signing an exclusive partnership with AIG’s Jumia to sell insurance products exclusively on the site. As part of the deal, AXA will offer custom-made insurance products to Jumia customers. Jumia, is active in 11 countries across Africa while AXA has presence in 8 African countries. The funds are meant to bolster AIG’s balance sheet as well as allow it leverage the growth of its offerings such as Jumia and HelloFood to capitalize on the significant opportunities in Africa.