As per the news release by Jumia Technologies AG (JMIA), the company has announced its partnership with UPS in Africa. As a result of which, JMIA stock surged in the current market. The JMIA stock is currently trading at $12.25 and gained around 29% compared to the previous session close. The JMIA stock closed at $9.49 at the end of the last trading session. JMIA stock volume traded during the last trading session was around 4.21 million shares. The current market cap of the company is approximately $1.09 billion.
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JMIA Partnered with UPS
Jumia Technologies AG (JMIA) announced in a press release today that they are partnering with UPS to strengthen its logistics infrastructure. The initiative will help the company grow its delivery services in the whole African continent.
With the help of UPS, the company will be able to provide different delivery services to its valued customers. It will also enable its user to opt for different payment options. The partnership will be beneficial for UPS as well, as it will allow them to spread across the continent and increase its customers and market share in Africa. In the first phase of the deal, the company will provide services in Kenya, Nigeria, and Morocco and intends to expand to Ivory Coast and Ghana. Once they integrate the logistics solutions in these countries, they will expand to other African countries where Jumia is available.
JMIA VP Remarks
According to Apoorva Kumar, Jumia’s Senior Vice President of Logistics, logistics infrastructure was one of the most problematic components of their working environment ten years ago. This issue inspired them to create an unrivaled logistics network for its vendors and customers in Africa. Today, they assist other companies to solve infrastructure issues by providing them with their logistics platform. They are excited and honored to work with UPS, a worldwide leader in logistics, to provide last mile solutions in Africa. They believe that their logistics platform is robust and an incentive to continue improving its services and establishing a world-class logistics company in Africa, which is something they take great pleasure in celebrating.
The company has partnered with UPS, which will help them reach more customers and provide different payment methods to its customer. The company is looking forward to increasing its market share with the help of the deal.