Ooredoo says it believes in eCommerce and will invest in new businesses for growth and as new revenue streams.
According to Dr Nasser Marafih, Ooredoo Group CEO, “A fundamental shift is happening across our markets, as more people buy goods and services online through their mobile phones. This is even more evident in our Asian footprint. We believe that offering eCommerce services will further support our ambition of enriching people’s lives. We are pleased to have entered into a partnership with Rocket and look forward to harnessing their knowledge and experience gained elsewhere into making our joint venture an eCommerce market leader across Asia.”
Asia Internet Holding is expected to cover 15 markets in Asia including Pakistan, Myanmar, Thailand, Malaysia, Singapore, Indonesia, Vietnam, the Philippines and Australia with ventures such as Daraz.pk, Lamudi.com, Carmudi.com, Kaymu.com, Pricepanda.com and EasyTaxi.com.
The deal is expected to increase disposable income and internet penetration which will in turn fuel eCommerce. Ooredoo’s presence in Indonesia through Indosat with over 60 million customers is also a plus for Rocket Internet as Indonesia is Asia’s second largest online market just behind China.
In a statement, Oliver Samwer, co-founder of Rocket Internet said, “We look forward to working with a partner as innovative and customer-centric as Ooredoo in Asia. Our partnership will accelerate the development of Asia Internet Holding in the region and help our businesses succeed. We feel that by bringing ecommerce models that have worked well elsewhere in the World to Asia, and that by partnering with an operator like Ooredoo, we can jointly bring better services to customers”
Though the financial transactions of the deal were not disclosed, the deal is expected to be way over $300 million and it will be concluded in the second quarter, 2014.