E-commerce platform Jumia Technologies reported an almost 7 % fall in first quarter revenue due to supply chain disruptions, particularly in China, but saw lower cash burn and signs that lockdowns were accelerating a shift towards online shopping in Africa.
Jumia was the first Africa-focused tech start-up to go public on the New York Stock Exchange and reached a market capitalization of over $1.5 billion. The company is hoping virus containment measures as lockdowns will increase the allure of its business model, bypassing crowded shops and offering cashless payment.
