MTN Group and Rocket Internet announced that they have formed a new joint venture to invest in startups in the Middle East, with a focus on e-commerce. The two companies will each hold a 50% stake in Middle East Internet Holding (MEIH).
The announcement follows another partnership, concluded earlier this week, between MTN, Rocket Internet and Millicom International Cellular, to develop startups in Africa through Africa Internet Holding (AIH). MTN expects to pour 300 million euro (about USD$400 million) into AIH and MEIH, subject to regulatory approval, by the first and second quarter of 2014, respectively.
Based in Johannesburg, MTN is one of Africa’s largest telecom operators. Rocket Internet can potentially leverage MTN’s footprint as it seeks to tap into the continent’sfastest growing Internet markets, including Kenya and Nigeria.
Its agreement with MTN follows several other key partnerships cemented by Rocket Internet. For example, earlier this month Rocket Internet and U.K. retail giant Tesco, the world’s second-largest retailer by revenues after Wal-mart, announced a strategic investment partnership that began with a $250 million lead investment in Lazada. The online marketplace, in which Rocket Internet has invested $486 million so far, operates in Southeast Asian countries, including Indonesia, Malaysia, the Philippines, Thailand and Vietnam.
source: www.techcrunch.com
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