Rocket Internet's US$2.6b cash to go to fintech, AI

Berlin

GERMANY'S Rocket Internet said on Tuesday it is looking at investing in areas such as financial technology and artificial intelligence with the 2.6 billion euros (S$4.04 billion) it has amassed.

"We are looking for opportunities in the tech sector. There is no set timeframe," the e-commerce investor's chief executive, Oliver Samwer, told journalists after its main holdings saw more revenue growth and narrowed first quarter losses. Rocket Internet, which had a shaky start after listing in 2014 as its start-ups made big losses, saw its share price jump last year after HelloFresh and Delivery Hero went public.

Delivery Hero, HelloFresh, Home24 and Global Fashion Group (GFG) have already reported quarterly figures, while Home24 announced plans earlier this month for an initial public offering.

Rocket's stock dipped last week after disappointing figures from GFG and its shares were down another 0.4 per cent following its quarterly results.

GFG, which runs fashion sites in Russia, Latin America and south-east Asia, was supposedly hit by the decline in the Russian rouble and Brazilian real.

Rocket said its African e-commerce group, Jumia, also a possible candidate for a listing, saw gross merchandise volume - the value of goods sold via the site - rise 71 per cent to 151 million euros, adding it remained well funded. REUTERS