Rocket Internet to Invest $3 Billion in Fintech and AI

Rocket Internet is looking to invest around $3 billion in the fields of financial technology and Artificial Intelligence (AI).

The German venture capital company witnessed a good growth in terms of its share price last year as HelloFresh and Delivery Hero went public.

The company’s Chief Executive Officer (CEO), Oliver Samwer, told the media that they are looking for new sectors to invest in, however, there is no specific timeframe to it. Samwer added;

We are looking for opportunities in the tech sector… There is no set timeframe.


Rocket Internet Pulls the Plug on Jovago in Pakistan

Rocket Internet’s Progress

Rocket Internet didn’t enjoy a good start in 2014 when its startups posted huge losses after listing. However, the company grew and its share price spiked when HelloFresh and Delivery Hero went public last year.

The company also posted quarterly figures for Delivery Hero, HelloFresh, and Global Fashion Group (GFG). Rocket’s stock with GFG dipped and its shares went down by 0.4% as GFG posted not-so-decent figures.

The overall sales for GFG, however, increased by 18% in the countries it operates in. Apart from that, following Rocket Internet companies posted these numbers;

  1. Jumia: The platform saw an increase of 71% in its sales with revenue touching $151 million euros. Rocket says that it is another well-funded project that could be up for listing soon.
  2. Westwing: The Rocket’s subsidiary also witnessed an increase of 18% in its sales with 71 million euros revenue. It posted profits in back-to-back quarters.

Home24 has announced plans for its initial public offering as well.

Rocket Internet has posted decent overall revenue growth and decreased losses in the first quarter. The company previously owned, however, Alibaba recently acquired the entire share capital of Daraz from Rocket Internet.

Via Reuters

Get Alerts

Follow ProPakistani to get latest news and updates.

ProPakistani Community

Join the groups below to get latest news and updates.