In a joint announcement made today, Rocket Internet and iMENA Holding had formed a partnership to support the growth expansion of mobile app Easy Taxi. iMENA would be funding USD7 million into the German startup incubator to roll out the latter's mobile app in the North African and Middle Eastern regions. Easy App was said to be launching today in Saudi Arabia.
Rocket Internet's latest partnership was just one of the few joint ventures it had strategically formed with private equity firms to expand Easy Taxi's share in the emerging markets. Launched in 2011, Easy Taxi is now available across major mobile operating systems. Its availability in iOS, Blackberry and Android had helped Easy Taxi to gain significant share in 15 markets across Asia, Africa and Latin America.
Rocket Internet had received over USD1 billion in total funding. The funding would be used by Rocket Internet to build market share of its strong businesses in emerging markets. This strategy was seen effective as Rocket Internet would leverage its strong businesses on the risks associated in launching new businesses.
Join the Conversation