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Tuesday, 12 April 2016

Orange invests €75M in Nigerian e-commerce firms

Orange Telecom has announced a €75 million investment in a Nigerian e-commerce company, Africa Internet Group (AIG). AIG owns several internet start-ups in the country and beyond. Through the investment, Orange, which has a common presence with AIG in 12 African countries, joins MTN, Millicom, Rocket Internet, AXA and Goldman Sachs in becoming a shareholder in AIG which owns a number of technology firms across 23 African countries. Orange said that it will help online retailer, Jumia, and other websites run by the company to accelerate growth and seize development opportunities in the region. Other groups among AIG’s portfolio include e-commerce marketplace, Kaymu, food delivery website, Hellofood, and hotel booking platform, Jovago. Orange chief executive officer, Stephane Richard, said that the strategic investment now helps the French operator to play a leading role in the fast growing e-commerce market in Africa (...) As part of Orange’s wider goals, Richard said that the company plans to continue to grow in Africa and the Middle East as well as consolidate and enter new markets in Europe.

Source: venturesafrica.com