French telco giant Orange to invest $85 million in Nigerian e-commerce group Africa Internet Group

Stephane Richard, Chairman and CEO of Orange

French telecommunications company Orange is to invest 75 million euro ($85 million) in Nigerian e-commerce group Africa Internet Group (AIG) and become a shareholder, the two companies said on Tuesday.

AIG, which was founded in Nigeria in 2012, already counts Goldman Sachs, South African telecoms group MTN and Germany’s Rocket Internet among its shareholders.

It owns several technology firms across 26 African countries including online retailer Jumia, delivery app HelloFood, hotel booking platform Jovago and online real estate marketplace Lamudi.

“With this strategic investment, Orange now has the capacity to play a leading role in the fast-growing e-commerce market in Africa,” Stéphane Richard, Chairman and CEO of Orange, said in a joint statement with AIG.

Read more: Telecoms: Orange to invest in Nigerian e-commerce group Africa Internet | West Africa

Recommended