Hassanein Hiridjee, founder and CEO of AXIAN Group, has officially joined Jumia Group’s Supervisory Board, according to a recent SEC filing. This move comes at a critical juncture for the e-commerce giant, coinciding with the resignation of Angela Mwanza, Managing Director at Rockefeller Capital Management. Hiridjee’s appointment signals Axian’s intent to play an active role in guiding Jumia’s strategic direction and corporate governance as the company navigates its ongoing turnaround efforts.
Axian Group, headquartered in Mauritius and operating across 17 African and Middle Eastern markets, first entered Jumia’s cap table in June 2025 with an 8% stake. That stake has since grown to 9.18%, valued at roughly $52.5 million, with the company reportedly exploring a full acquisition of Jumia. To support these ambitions, Axian has recently raised $600 million in bond funding, positioning the firm to influence the e-commerce platform’s growth trajectory significantly.
Jumia has faced turbulent times since its IPO, with its stock value declining from over $3 billion to a fraction of that amount. Under the leadership of CEO Francis Dufay, who took over in late 2022, the company has focused on reducing losses and strengthening its path to profitability. Annual losses are projected to fall from $206 million in 2022 to $50–55 million in 2025, driven by cost-cutting measures, workforce reductions, and the exit from unprofitable markets like Tunisia and South Africa.
The company is now concentrating on its core markets, including Nigeria, Kenya, Uganda, and Egypt, while expanding into secondary cities and rural areas, which now account for over half of total order volume. Cross-border sellers, particularly from China, supply roughly one-third of Jumia’s platform goods, highlighting strategic positioning against growing competition from rivals like Temu and Shein. In Q2 2025, Jumia reported a 25% revenue increase to $45.6 million, an 18% reduction in operating losses to $16.5 million, and a halving of cash burn, reflecting the early impact of its restructuring strategy.
