Swedish investor Kinnevik has announced that it is selling its remaining 6.6 percent stake in German e-commerce company Rocket Internet.
Recall that in February, Kinnevik sold half of its stake in the company for $218 million.
Kinnevik was one of the pioneer investors in Rocket Internet but they had a serious disagreement last year over the valuations of some of their joint investments and this prompted the Swedish investor to sell their stake in Rocket.
With this transaction, Kinnevik has gotten an IRR of more than 90% on its 155 million euro investment through a combination of dividend and divestment proceeds. Five years before Rocket Internet’s IPO in 2014, Kinnevik received a total of 510 million euros in cash and stock dividends and realized a further 426 million euros in total from the sale of its stake.
Rocket Internet was founded by brothers Oliver, Alexander and Marc Samwer in 2007. It has built up dozens of start-ups from fashion e-commerce to food delivery. The eCommerce giant has a stake in e-commerce company Africa Internet Group, the owner of several African e-commerce businesses through the Jumia platform.
