Greater competition is to be welcomed, given there are still so few people in the region that transact online, the Frenchman said in an interview. “I would rather grow the market than just try to take everything,” he added.

Jumia investors have experienced a rollercoaster ride since the stock debuted in New York last year. Persistent losses, allegations of corruption in the Nigerian sales force and a damning short-seller report contributed to an initial share-price slump, but the arrival of the coronavirus has helped fuel a doubling in market value in 2020. That was even higher before a 30% stock decline this week after second-quarter results.

The shares fell 2% to $13.47 on Friday, valuing Jumia at more than $1 billion. The initial public offering price was $14.50.

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MTN Group Ltd., Africa’s largest wireless carrier and an early investor is the company, is evaluating its stake in the company, sometimes dubbed the Amazon of Africa. Jumia may offer MTN’s shares in the group as part of a potential new equity offer within the next three years if the Johannesburg-based firm decides to sell, Poignonnec said.

Expanding into food has helped to increase sales and Jumia’s footprint in existing markets, which are led by Nigeria, according to the co-CEO. That’s involved adding grocery and pharmacy orders as well as restaurant takeaways, he said. Jumia’s logistics unit is also now open to third parties wishing to use the company’s network of drivers to deliver packages, adding another revenue stream.

The rapid growth of food delivery across emerging markets may make Jumia an acquisition target, Nirgunan Tiruchelvam, an analyst at Tellimer Markets, said in a July note to clients.