Jumia and a range of other startups under the Rocket Internet SE– a European Internet company headquartered in Berlin, has generated $605 million in profit from their IPOs for Rocket Internet. A large portion of the funds was generated by Jumia when it went public in April 2019.
Jumia, Africa’s biggest eCommerce store debuted on the New York Stock Exchange at a share price of $14.50. The company’s aim during the IPO was to raise $245.7 million. Although there were controversies around the IPO, Jumia still made good profits.
After Jumia’s IPO came other Rocket’s Investments. Like fashion site, Global Fashion Group SA, listed in Frankfurt, Germany in July 2019. Before the 2019 lists, Westwing Group AG and Home24 SE, also part of Rocket Internet investment, listed in 2018.
See also: Ecopia Tech Raises $6.5million to Digitally Map Sub-Saharan Africa
Oliver Samwer, the Chief Executive Officer of Rocket Internet SE mentioned during their annual general meeting held in June 2019, that they have more funds than ideas. He also noted that they aim to develop new businesses.
In his words; “We continue to pursue our core strategy of operationally developing new business models in the tech space.”
Oliver Samwer had earlier revealed interest in fintech, software, artificial intelligence, and online marketplaces. The current profit puts Rocket Internet SE in a position to carry out its plans.
More on TechGist Africa:
- MEST Africa calls for Its Class of 2021 Submission
- Mobile BroadBand Limited Zambia set to Sell, Calls for Open Bidding Tenders
- Laos-based KiwiPay set to Expand across Seven African Countries
- Meet Eden, an Automated Concierge Service Provider Based in Nigeria
- Coderina partners Google to coach 3000 Youths Under Google’s CSFirst Code Club