The investment is a part of a broader partnership whereby AXA will become the exclusive provider of insurance products and services through Africa Internet Group’s Jumia and other online and mobile platforms in Africa.
Going forward, AXA’s African insurance companies plan to propose custom-made insurance products to Jumia and AIG’s e-commerce client base through its ecosystem of marketplaces and classifieds services.
As part of the partnership, AXA will also become a shareholder of AIG (ownning approximately 8% of the capital), along with MTN, Rocket Internet and Millicom.
The capital will further strengthen the balance sheet and support AIG’s continued growth.
Africa Internet Group is an internet company with a network of companies including Jumia, Carmudi, Easy Taxi, Everjobs, hellofood, Jovago, Kaymu, Lamudi, Vendito and Zando across 23 African countries.
Led by Sacha Poignonnec and Jeremy Hodara, founders and co-CEOs, Jumia, AIG’s main subsidiary, is an online shopping destination for African consumers to buy everything from fashion items to consumer electronics to home appliances all online, with a presence in 11 countries.