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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.

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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

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