25. March 2013–
Rocket Internet is strengthening its presence in Nigeria with the launch of real estate portal Vamido. The website’s domain is owned by the incubator’s holding company AIH (Africa Internet Holding), which is partially owned by emerging markets telecom giant Millicom.
Last August, Rocket Internet sold shares of its subsidiaries AIH and Latin America Internet Holding (LIH) to Millicom in a deal that would see the telco giant pay €340m for the first 50 per cent of those businesses with full potential ownership in the future.
Vamido provides online listings of properties across Nigeria and, according to local tech blog Innovation Village, will compete with sites like Private Property, Property Index and Nigeria Property Centre, among others.
The launch shouldn’t come as a surprise since the two holding companies are required to roll out several businesses within the next three years. Earlier this month, Millicom went ahead with a planned increase in stake in the holding companies from 20 to 35 percent.
Berlin-headquartered Rocket Internet was founded by Germany’s Samwer brothers in 2007 and spans over 50 portfolio companies in 40 markets. It’s notorious for replicating successful internet ventures, like Amazon, eBay and Zappos, and aggressively expanding them in new markets.
For related posts, check out:
Rocket Internet’s rumoured IPO – would it be madness or genius?
Millicom buys in further to Rocket Internet landgrab in South America and Africa
eCommerce in Africa: how Berlin incubators spotted the perfect climate for growth