E-commerce platform Jumia will invest USD 160 mn in Egypt in the next 3-5 years, the company’s chief in Egypt Hesham Safwat said at a press conference on Monday, according to Amwal Al Ghad. The company is targeting aggregate investments worth USD 450 mn in all of its 24 countries of operations during the upcoming five years, he added, 35% of which will be invested in Egypt. Jumia aims to launch three subsidiaries, one in the tourism sector (dubbed Jumia Travel), another in the car rental and automotive sales sector, while the third will be in the online recruitment sector. Jumia will also sign an agreement with Egypt Post in 4Q2016 to expand delivery of merchandise, Al Mal reports. Africa Internet Group (AIG), Jumia’s parent company, has raised equity from Orange, AXA General Insurance, Goldman Sachs and CDC Group, said Safwat. AIG closed its most recent fundraising round in March 2016, raising EUR 225 mn in what the Financial Times described at the time as “one of the biggest fundraising rounds yet seen for any Africa-focused technology company.”