By Our Reporter
E-Commerce giant Africa Internet Group (AIG) and AXA, a global insurance and asset management company have this week announced a partnership in which AXA will become a shareholder of AIG. AXA will provide custom-made insurance products through AIG’s Jumia and reach other e-commerce customer base through AIG’s ecosystem of marketplaces and classified services.
AXA will invest US$ 84 million and own approximately 8% of AIG. Completion of the transaction is subject to customary closing conditions, including the closing of the previous investment round and is expected to take place in the first quarter of 2016.
Ron Kawamara the Managing Director of Hellofood Uganda said, “This new investment is testament to the remarkable products and services AIG businesses such as hellofood have offered to their customers and partners in the last few years. Investors are rightfully showing great confidence in the businesses and the teams that are leading the online revolution across Africa. We are pleased to have a strong international brand like AXA backing us and it gives more impetus to continue to build a strong customer experience and growth our investors and partners expect.
