Rocket internet firm Germany is seeking to invest in artificial intelligence and financial technology. The budget set for the project is 2.6 billion Euros that the company has amassed over the years. The money equated to 3 billion dollars in U.S currency.
Oliver Samwer, the chief e-commerce investor and CEO, said there’s no time frame. According to Oliver, the Rocket Company is looking for opportunities after its significant holdings saw growth and it scaled down to focus on why it made losses.
Rocky Internet in the past has had a shaky start after starting in the 2014 financial year that it made losses. Rocket saw in 2021 where Delivery Hero and HelloFresh went public. Hello Fresh, Home24, Global Fashion Group, and Delivery Hero have already stated their quarterly earnings. For the better part of last year, Home 24 announced plans for giving a pre-planned public offering.
In stocks, Rocket internet dipped in figures, Late January this year, the company showed disappointing numbers from GFC, and its shares dropped by 0.4% after the quarterly results came out. GFC, which runs fashion websites in Russia, East Asia, and Latin America, was hit by losses. According to Kimpel, the historic turn saw a decline in the Brazilian Real and RUSSIAN Rouble. It noted that the sales went up by eighteen percent after removing the impactful currency changes.
Rocket noted that in the African e-commerce group Jumia, the company faces a potential listing. Jumia saw a gross volume in their merchandise and the value of their goods sold through the site rising by 71 percent. This signals that due to its 151-million-euro gain, the company will remain funded for the better part of 2022. However, Oliver Samwer added that he foresaw the firm after making losses.
They will need to raise funds in the next year. Westwing, which deals in online shopping of home furnishings, saw profits. Westwing saw a rise in sales by 18 percent to 71million and reported its send year of a profitable quarter that has adjusted its earnings. The profits come before inclusions of taxation, interest, amortization, and depreciation margin of 1.7 percent.
