Jumia’s Parent Company Rocket Internet Generates $605M in Profits After IPOs; Looking to Develop New Businesses
Rocket Internet SE a studio that builds online startups has generated a profit of $605 million after initial public listings (IPOs) by Jumia and several of its largest startup investments.
Speaking during Rocket’s annual general meeting in June, Chief Executive Officer, Oliver Samwer, said the company now had more capital than ideas, noting that they are still very committed to developing new businesses.
“We continue to pursue our core strategy of operationally developing new business models in the tech space,”Oliver Samwer, Chief Executive Officer of Rocket Internet
In April, Jumia, Africa’s biggest e-commerce store and one of Rocket’s largest investment listed on the New York Stock Exchange debuted at $14.50 per share. According to reports at the time, Jumia aimed to raise $245.7 million by listing.
Similarly, other Rockets’ investments like e-commerce fashion site, Global Fashion Group SA listed in Frankfurt in July, while home decor and furniture startups Westwing Group AG and Home24 SE listed last year.
Rocket’s other major holdings are Delivery Hero and HelloFresh. According to Samwer, Rocket has also incubated 15 new internet-based startups since 2018.
Last year, Samwer expressed that the company had an interest in fintech, software, artificial intelligence and online market places. With Rocket Internet SE still sitting on a sizable cash pile, sufficient financial resources are available for the company to pursue its core strategy of operationally developing new business models in the tech space.
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