Rocket Internet sells €660m stake in Delivery Hero

Naspers purchased 22,359,857 shares at €29.50 per share, which gives the company a 23.6% stake in Delivery Hero combined with the shares it already held.

The investment in Delivery Hero is consistent with Naspers' strategy to invest in platforms that offer online marketplace services.

Delivery Hero was listed in June, at which point Rocket Internet was the largest shareholder with approximately 35% of the share capital.

The IPO valued the company at around €4.4bn based on a share price of €25.50, and Delivery Hero raised €465m from the placement.

Previous funding
Prior to the listing, more than $1bn was invested in Delivery Hero, including €500m from VC firms, according to unquote" data.
Early-stage investors including Phenomen Ventures sold a €209m stake to Rocket Internet in 2015, making the VC the largest shareholder.

Company
Founded in 2010, Delivery Hero is a global food delivery and takeaway service with headquarters in Berlin, Germany. In 2016, its revenues increased by 71% to €347m and continued to grow in the first quarter of 2017 by 64% on a like-for-like basis.

The company is not yet profitable, recording a loss of €116m for 2016, but projects it will break even by 2018. For the first half of 2017 it posted a 66% increase in revenues to €246.5m with a €45.3m loss. It is active in 40 markets and employs more than 6,000 people.

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