Jumia Faces Investor Retreat as Baillie Gifford Bows Out

Baillie Gifford has ended its six-year run with Jumia, marking a significant shift in the story of Africa’s first major tech IPO. Once the largest institutional investor in the company, the British asset manager quietly disclosed its full exit in a filing with the U.S. Securities and Exchange Commission in May 2025.

The decision to sell its remaining stake comes as Jumia continues to struggle with losses and flat revenue growth. Its shares, which once soared past $26 shortly after its 2019 IPO, now hover around $2.50 — a steep fall for what was once called the “Amazon of Africa.”

“Baillie Gifford’s departure is part of a wider trend,” one analyst familiar with the matter said, pointing to a broader cooling of global investor enthusiasm for African e-commerce.

Survival Mode for the E-Commerce Giant

Baillie Gifford’s initial investment gave it an 11.45% stake in Jumia — roughly 17.99 million shares. Even after trimming its position over the years, it remained the company’s top institutional investor, holding more than 8.5 million American Depositary Shares (ADS).

Its recent exit mirrors actions by other major players. Investment banks like Goldman Sachs, JPMorgan, Morgan Stanley, and Citi have all slashed their holdings in Jumia since 2021, each falling below the 5% threshold for public disclosure.

Jumia, in response to mounting financial pressure, has doubled down on what it calls a “survival-first” strategy — slashing costs and preserving cash as it tries to stabilise operations. While some investors have backed away, Africa-focused funds such as Development Partners International continue to invest across the continent.

Still, Baillie Gifford’s withdrawal marks a symbolic end to the early optimism that surrounded Jumia’s listing on the New York Stock Exchange. For the e-commerce company, the challenge now is staying relevant in a tightening capital market.