wordpress blog stats
Connect with us

Hi, what are you looking for?

Rocket Internet Raises $500M Funding; Plans Fashion & Furniture E-Commerce Portals

Rocket Internet Logo

German Startup Incubator Rocket Internet has closed a $500 million investment from existing investors Investment AB Kinnevik and Access Industries.

The company informed that it has raised this investment since May 2012 and closed the investment with a €67 million (around $87.7 million) from Kinnevik today. Following this investment, Kinnevik holds approximately 24% stake in Rocket Internet.

Rocket Internet plans to use the investment raised to further expand its network of startup companies, which currently stands at 75 companies across 50 countries. The company plans to launch e-commerce companies in the fashion, general merchandise and furniture sectors and is currently targeting Europe, Russia, Latin America, Africa, the Middle East, India, South East Asia and Australia with its ventures.

Rocket Internet In India

Rocket Internet’s modus operandi is to replicate successful (or potentially successful) businesses models and aggressively scale them. True to its nature, Rocket Internet has been aggressively launching clones of various successful businesses in India. It entered India with the Zappos inspired e-commerce portal Jabong.com in 2011-end.

Advertisement. Scroll to continue reading.

Following this, the company has launched other businesses like FabFurnish (online furniture portal), FoodPanda (online food ordering service), OfficeYes (office products portal), Printvenue (online printing service) and Cuponation (deals and coupon website). The Rocket Internet website also lists an apartment and holiday renting portal Wimdu, although its not clear as to when this portal was launched.

Rocket Internet also had an online home decor portal Heavenandhome.com, which was later merged with FabFurnish sometime last year. It had also shut down the Fab.com clone Bamarang in June 2012 and had shut down its online jewelry store 21Diamonds.in last month, exactly an year after its launch in June 2012. At the time of writing this article, the site redirects to 21diamonds.de and doesn’t list the Indian edition on its website.

RelatedFoodPanda Raises Over $20M From AB Kinnevik & Phenomen Ventures

Written By

MediaNama’s mission is to help build a digital ecosystem which is open, fair, global and competitive.

Views

News

The US and other countries' retreat from a laissez-faire approach to regulating markets presents India with a rare opportunity.

News

When news that Walmart would soon accept cryptocurrency turned out to be fake, it also became a teachable moment.

News

The DSCI's guidelines are patient-centric and act as a data privacy roadmap for healthcare service providers.

News

In this excerpt from the book, the authors focus on personal data and autocracies. One in particular – Russia.  Autocracies always prioritize information control...

News

By Jai Vipra, Senior Resident Fellow at Vidhi Centre for Legal Policy The use of new technology, including facial recognition technology (FRT) by police...

You May Also Like

Advert

135 job openings in over 60 companies are listed at our free Digital and Mobile Job Board: If you’re looking for a job, or...

News

Rajesh Kumar* doesn’t have many enemies in life. But, Uber, for which he drives a cab everyday, is starting to look like one, he...

News

By Aroon Deep and Aditya Chunduru You’re reading it here first: Twitter has complied with government requests to censor 52 tweets that mostly criticised...

News

Google has released a Google Travel Trends Report which states that branded budget hotel search queries grew 179% year over year (YOY) in India, in...

MediaNama is the premier source of information and analysis on Technology Policy in India. More about MediaNama, and contact information, here.

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ

Subscribe to our daily newsletter
Name:*
Your email address:*
*
Please enter all required fields Click to hide
Correct invalid entries Click to hide

© 2008-2021 Mixed Bag Media Pvt. Ltd. Developed By PixelVJ