Swedish investor Kinnevik to sell half its stake in Rocket Internet

KinnevikSwedish investment firm Kinnevik AB is selling nearly half of its 13% stake in German Internet conglomerate and incubator Rocket Internet SE. It plans to sell nearly 10.9 million shares, representing 6.6% of Rocket Internet’s issued share capital, to institutional investors at €19.25 per share, Kinnevik said in a statement on Wednesday. “Kinnevik’s gross proceeds […]

Read more

China launches $14.6 bn investment fund to support internet companies

Funding_0008China has launched an investment fund worth 100 billion yuan ($14.6 billion) to support internet firms, state-run Xinhua news agency reported. The fund has already raised around 30 billion yuan from state-owned banks and companies out of which 10 billion yuan has been invested by the Industrial and Commercial Bank of China (ICBC), the news […]

Read more

Delivery Hero buys Rocket Internet-backed startup Foodpanda

FoodpandaDelivery Hero Holding GmbH, which runs Delivery Hero, has announced the acquisition of Rocket Internet’s entire global operations of food delivery startup Foodpanda. The acquisition brings together two top food delivery startups based in Germany. After this acquisition, the combined group is expected to process over 20 million orders per month across 47 countries. Delivery […]

Read more

Foodpanda India loss quadruples, revenue shoots up

FOOD-PANDA_junaidRocket Internet-backed food delivery firm Foodpanda India said on Friday its loss widened in 2015-16 but that it is working to achieve profitability. Loss for the financial year ended March 2016 quadrupled to Rs 142.6 crore from Rs 36 crore the year before, the food-tech firm said in a statement. Revenue jumped to Rs 37.81 […]

Read more

Foodpanda India loss quadruples, revenue shoots up

FOOD-PANDA_junaidRocket Internet-backed food delivery firm Foodpanda India said on Friday its loss widened in 2015-16 but that it is working to achieve profitability. Loss for the financial year ended March 2016 quadrupled to Rs 142.6 crore from Rs 36 crore the year before, the food-tech firm said in a statement. Revenue jumped to Rs 37.81 […]

Read more

Myntra targets $2 bn revenue run rate, profitability in FY18

myntra_feFlipkart-owned online fashion retailer Myntra said the company has crossed $1 billion in annualised run rate riding on an impressive 80% year-on-year growth, thanks to the $70 million acquisition of Rocket Internet-backed rival Jabong and the peak selling festive season sale events. “This year has been the best year we have had so far. We […]

Read more

Foodpanda turns to Sunny Leone for a social media push

Foodpanda Sunny LeoneGermany’s Rocket Internet-backed food delivery service Foodpanda India announced on Tuesday that actress Sunny Leone will be part of their digital marketing campaign. The company said in a press statement that, “the campaign would target the consumers through various social platforms such as Snapchat, Facebook, Twitter, Instagram, etc.” The campaign videos can be viewed on […]

Read more

Rocket Internet finds one-size-fits-all doesn’t work

Rocket_internetRocket Internet, the German internet venture builder, may have made certain miscalculations “in putting trust in everyone” while doing business in India, said a senior global executive while speaking at a startup event in Bangalore on Thursday. Rocket Internet – which operates on a venture builder model where in it hires key executives as co-founders […]

Read more

Exclusive: Myntra brings Jabong’s tech team under own roof

Myntra_f1Flipkart-owned fashion e-tailer Myntra has moved the research and development team of Jabong in Bengaluru to its own facility, less than two months after it acquired the lifestyle and apparel shopping portal. Both R&D teams will continue to work separately for now but any integration in the future cannot be ruled out, according to two […]

Read more

Crownit raises funding from Girish Mathrubootham, Kunal Shah and Anand Chandrasekaran

Crownit2_fGurgaon-based GoldVIP Technology Solutions Pvt. Ltd that operates merchant discovery and rewards platform Crownit has secured an undisclosed investment from a group of investors, it said in a statement. Those who took part in the funding round include Freshdesk CEO Girish Mathrubootham, Freecharge’s Kunal Shah and Sandeep Tandon and Snapdeal’s former chief product officer Anand […]

Read more