Rocket Internet to invest heavily in AI and fintech

Oliver Samwer Rocket Internet
Rocket Internet CEO Oliver Samwer

Rocket Internet, the company behind Zalando, HelloFresh, and Delivery Hero, has said it will look to use the €2.6bn (£2.3bn) it has in cash to invest in areas like financial technology and artificial intelligence (AI).

According to Reuters, citing the German eCommerce investor’s chief executive Oliver Samwer, the company is yet to set a timeframe on when it would be investing in new technologies but is actively looking into opportunities.

Samwer added that there is a possibility that loss-making Rocket Internet may need to raise funds in the next 24 months. Meanwhile, its Home24 online furniture subsidiary announced its plans for an initial public offering, and could be followed by African eCommerce group Jumia. Last year, HelloFresh and Delivery Hero went public.

Earlier this month, Chinese eCommerce giant Alibaba acquired Pakistani eCommerce platform Daraz from Rocket Internet. This was the second eCommerce firm that Alibaba picked up from Rocket Internet, following the purchase of Rocket Internet’s 51 per cent stake in Southeast Asian platform Lazada back in 2016.