German startup factory Rocket Internet announced financial results for some of its portfolio startups in the first nine months of 2016. The well-funded firm – which runs a number of startups such as Foodpanda, Zalora, and Daraz – lost US$682 million in the first nine months of 2016. It had issued a warning to this effect in September, saying fair-value adjustments would impact its financial position. Rocket attributes most of the loss to a slump in the value of its fashion ecommerce startups, which were collectively downgraded by more than US$2 billion earlier this year. SEE ALSO: Rocket internet’s portfolio firms narrow losses on higher revenue “We have respectively been impacted primarily by deconsolidation of subsidiaries and impairment-related charges of associated companies,” said a Rocket Internet representative. It’s not short on cash, however, with US$1.7 billion in the bank and a further US$1.16 billion available at the portfolio startups. It’s moreover impossible to get a grip on the entire spectrum of Rocket’s financial performance. That’s because it only released earnings figures for nine startups, out of a total of over 100 in its global network. Foodpanda saw net revenue grow to US$34.6 million in the first nine months of the year, up by 102.3 percent from the corresponding period last year. Overall, it lost a total of US$43 million.
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