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; ALSO READ Rocket Internet Pulls the Plug on Jovago in Pakistan 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; 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 Daraz.pk, however, Alibaba recently acquired the entire share capital of Daraz from Rocket Internet. Via Reuters