Rocket Internet Sells Food Startups In Spain, Italy, Brazil, Mexico For $140M To Just Eat
The takeout shakeout continues apace. Since going public in 2014, Rocket Internet has been trying to simplify and reorganize the tangle of e-commerce startups funded and grown by the Berlin-based incubator to make the main business more profitable. Today comes the latest move on that front. Rocket Internet is selling food takeaway operations in Spain, Italy, Brazil and Mexico to Just Eat for €125 million ($140 million) — with the admission that they are all “non-core operations that are not market-leading”, in the words of Rocket. The operations in Brazil and Mexico accounted for less than 5% of foodpanda’s revenues in 2015, Rocket noted. Just Eat, based in London, competes with the likes of Delivery Hero and others in online food ordering and delivery services. It went public in 2014 at a $2.4 billion valuation and has been steadily growing, currently valued at $3.7 billion. Rocket Internet is valued at $4 billion. Its losses have been widening and the stock has been trading at...