Rocket Internet and emerging markets telco Millicom today announced a new partner in their joint African venture, African Internet Holding (AIH). Multinational mobile telco MTN is coming on board to help fast track the company, with each partner now owning a third of the shares in AIH and having equal representation on the board.
AIH consists of a handful of companies including Rocket food ordering platform HelloFood, hotel booking website Jovago, eCommerce site Jumia, taxi service Easy Taxi and real estate classified website Lamudi. Launched in 2012, AIH is now active in 13 African countries, launching six new ventures in the past 12 months.
Millicom President and CEO Hans-Holger Albrecht said on partnering with MTN: “Between us we have more than 220 million mobile customers in the continent with very limited overlap. MTN is the leader in Nigeria and South Africa, the largest markets for AIH currently, while Millicom contributes through its leading positions in our markets”.
In mid-2012, Millicom agreed to buy a 50 per cent stake in AIH and Rocket Internet’s Latin American Internet Holdings – the equivalent online company for Latin America – for €340m. The agreement for AIH has now been redrawn to reflect the new partnership, though the terms of the deal were not disclosed.
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