E-commerce unicorn Jumia Technologies, which last year became Africa’s first tech firm to list in New York, will focus on proving it can turn a profit after a bruising 2019, one of its co-founders told Reuters.

Jeremy Hodara said the company aims to capitalize on its payment platform and infrastructure network and to boost revenue from services for third-party sellers on its online marketplace.

“We’re going to be extremely disciplined and very focused on our path to profitability,” Hodara told Reuters on Tuesday at the company’s office in Lagos.

Jumia, which hit a peak value of close to $4 billion, has seen its shares fall by nearly 70 percent since its IPO last April.

Late last year, it shut its e-commerce service in Cameroon and Tanzania and halted food delivery in Rwanda. Hodara declined to say whether more markets could face the ax.

From U.S. News & World Report. Story by Libby George.

Its third-quarter adjusted EBITDA loss widened to 45 million euros, up nearly 27 percent from a year earlier, and as it burned through cash, analysts warned that raising more could be a challenge.

“Clearly it’s a bit uphill, but I think in the end if investors believe they’re going to make money on the story, they’re going to buy into it,” said Sarah Simon, senior analyst at Berenberg. “But they have to prove themselves.”

Hodara declined to comment on whether Jumia planned to seek more outside cash, but said that as the business scaled up, costs would come down. Improvements to its algorithms were also helping, he said.

They tumbled after short-seller Citron Research cast doubt on its sales figures, which dealt a major blow to investor confidence.

Read more at U.S. News & World Report.