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DoorDash stock has plunged 44% from its peak three months ago to close around $120 on Monday. If things keep going south, DoorDash stock could soon fall below its IPO price of $102.
In today’s edition:
- Uber raises fares
- Jumia’s Q1 results
- Meet six women at the forefront of West Africa’s tech boom
Uber raises fares
Ride-hailing giant Uber has raised fares in Nigeria by 13% weeks after its driver-partners went on strike.
The details: From 8:00 am to 12:00 pm on Mondays through Friday, Uber riders will now pay a base fare of ₦237, minimum fare of ₦538; ₦70 per kilometre and ₦12 per minute. These fares are up from the previous minimum fare of ₦500, ₦200 base fare, ₦50 per kilometre and ₦11 per minute.
At other periods, riders will be charged a minimum fare of ₦575; a base fare of ₦255, ₦75 per kilometre and ₦12.50 per minute.
How happy are the drivers? The drivers are like, meh, because this doesn’t address their demands; they asked that Uber and Bolt reduce their commission on rides from 25%. They also asked for a seat at the table to have a say in prices.
The future: After ride-hailing drivers in London won a class-action lawsuit that forces Uber to recognise them as workers instead of independent contractors, drivers in Africa are taking notice.
There are plans in South Africa and Nigeria to file similar class-action lawsuits, and those could be pretty explosive for the ride-hailing industry in Africa.
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Jumia’s losses reduce again in Q1 2021
The African e-commerce giant, Jumia, has released its financial results for the first quarter of 2021, even as share prices hit an all-year low of $23.45. The company reported revenues of $33 million, down 6.4% from $35 million last year.
Tuesday’s results also showed that Jumia’s Gross Merchandise Value (GMV), which measures the value of all goods sold on the platform, was $200 million. While it is a 13% reduction of the GMV from the same period last year, there are nuances to consider.
Jumia has since changed its model and sells household items instead of high-ticket items that often saw it report huge GMVs.
Third-party revenue may drive Jumia to profitability: Thanks to a third-party marketplace model that is now the more significant part of its business, vendors list their products, sell them, and Jumia collects a commission.
On the back of this, Jumia reported an increase in its gross profit after fulfilment expense to $7.2 million, up 149.5% from the previous year. It means that the company’s losses slowed down to $41 million, down from $53.1 million the previous year.
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Meet six women at the forefront of West Africa’s tech boom
West Africa’s technology ecosystem is arguably at the peak of its popularity, attracting investments from the world’s top VCs and impact investors.
Despite this visibility for the ecosystem, there’s still a lot of work to be done in the inclusion and participation of women.
Only 10% of the West African startups that have cumulatively raised $1 million in the past decade had at least one female co-founder. In Sub-Saharan Africa, women constitute only 30% of professionals in the tech industry.
This month, Vogue highlights the efforts of six women in Nigeria who are “rising to new heights in the global tech industry and redefining it from the inside out.”
Read all about it here.
Seamfix Limited, a people and software development company, announces the relaunch of one of her solutions, Verified.
The Seamfix Verified Solution is well known for combating false identities by ensuring that people are real and exactly who they say they are, using various validation and verification services.
The relaunch will see that the solution is well-optimized so that customers can derive even more value and satisfaction. This upgrade comes with many enabling features like a smarter dashboard, bulk verification, even the capability to use all the verification services in test mode.
You too can try it out. Click here to experience real-time identity verification like never before.
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