PLDT Invests USD 445 Million in Rocket Internet
Philippine Long Distance Telephone Company (PLDT) today has just announced that it will invest €333 million or around USD 445 million for a 10 per cent stake in Rocket Internet. The partnership will leverage PLDT’s world-class mobile money expertise and resources with Rocket Internet’s global technology platform in developing mobile and online payment technologies and services in emerging markets.
One of the world’s leading venture capital firms and startup incubators, Rocket internet has more than 20,000 employees in its network of companies across over 100 countries with aggregated revenues in excess of €700 million in 2013. Its largest brands include leading Southeast Asian e-Commerce websites Lazada and Zalora.
“We are very excited to embark on this journey with Rocket. Our investment demonstrates our commitment to the global Internet market and our belief in the powerful synergies between e-Commerce and mobile payments, particularly in developing economies. The strategic partnership will allow us to leverage our combined strengths in developing online and mobile payment solutions in emerging markets. Rocket has developed a unique platform for establishing new Internet companies and a proven track record in successfully rolling out these businesses in fast growing markets. We expect the partnership to have a pronounced positive impact on our organization.” Napoleon L. Nazareno, President and CEO of PLDT
Check out full press release here.