Less than a week after Baillie Gifford, Jumia’s largest institutional investor, completed its exit from the e-commerce platform, AXIAN Telecom takes stake in Jumia, acquiring an 8% minority position in the company, signalling a reshaping of Jumia’s investor landscape and strategic future.
According to a Schedule 13D filing with the U.S. Securities and Exchange Commission, Mauritius-based AXIAN Telecom disclosed the acquisition of a significant stake in Jumia Technologies AG, the Nasdaq-listed African online retailer. AXIAN’s investment, made public on June 2, 2025, is intended to bolster its digital portfolio across the continent and aligns with its broader mission to deliver inclusive telecom and fintech solutions in Africa.
“Jumia’s strengths in digital retail infrastructure, fintech via JumiaPay, and logistics are strategically aligned with AXIAN’s ambition to drive digital inclusion,” said Hassan Jaber, CEO of AXIAN Telecom, in a statement.
The move is timely and notable, given Baillie Gifford’s sudden and complete divestment just days earlier. The Edinburgh-based investment firm, once Jumia’s largest outside shareholder, had maintained a position in the company after its 2019 IPO, at one point holding over 18.1 million American Depositary Receipts (ADRs), around 9% of the company’s float.
Baillie Gifford exited its position between April and May 2025, selling its remaining shares at prices ranging from $2.40 to $3.00, a stark drop from the mid-$20s price range at which it initially invested. The sale marked a full retreat after nearly six years of exposure.
While Baillie Gifford and other early backers like Rocket Internet and MTN Group have retreated from Jumia in recent years, AXIAN Telecom’s entry signals a strategic pivot from passive capital to operationally aligned investors.
AXIAN’s entry into Jumia comes amid its broader continental expansion. The company, which operates under the Yas (mobile) and Mixx by Yas (fintech) brands, serves over 42.9 million mobile subscribers and 15.2 million mobile financial service users across Africa. It recently secured a $160 million loan from the African Development Bank to expand 4G and 5G networks across nine countries, with a focus on empowering women entrepreneurs.
In response to the development, analysts note that this may signal a broader industry trend. With mobile internet penetration deepening across the continent, telecom firms like AXIAN are increasingly moving into adjacent sectors like e-commerce, fintech, and logistics to drive vertical integration and retain user engagement.
The reshuffling of investors also speaks to Jumia’s ongoing transformation. After weathering years of financial strain and restructuring, the company narrowed its losses in 2024 and reported an uptick in active users. Still, the volatility of its stock price and investor sentiment has remained high.
At the time of filing this report, Jumia’s stock was trading at $3.30, with a market capitalisation of roughly $404.13 million. The company has been reshaping its operations to achieve profitability, and the injection of strategic capital as AXIAN Telecom takes stake in Jumia could provide the leverage it needs.
