Rocket Internet, a company listed on the Frankfurt Stock Exchange, has sold its 11% stake in Jumia.com, an e-commerce company with a strong presence in Africa.

The identity of the buyer is currently unknown, as is the amount received by the German company in this transaction. Rocket Internet raised about $196 million a year ago when it sold part of its interest in the company as part of the process of listing Jumia on the New York Stock Exchange. A negative report on the African e-commerce company, however, overwhelmed investor sentiment and its value has fallen by nearly 56% since then.

However, the company ended the fiscal year 2019 with sales of $180 million, up 24.6%. With operating expenses still very high, its net income once again ended in a loss.

Chamberline Moko