Rocket Internet Gets Boost as Its Coupon Startup Has Profit
- Global Savings Group doubles gross merchandise value in 2016
- Rocket-backed startup seeks further growth, is open to M&A
Global Savings links shoppers with free coupons and discounts for about 20,000 online retailers such as Amazon.com Inc., Zalando SE and Asos Plc.
Rocket Internet SE-backed e-commerce coupon business Global Savings Group became profitable for the first time, a boon for the Berlin-based startup factory that’s been under pressure to prove it can turn its units into money-making machines.
Global Savings, about 40 percent owned by Rocket, said Thursday its gross merchandise value, a measure for sales it generates for retailers, about doubled to 463 million euros ($546 million) in 2016, helping it earn a profit. The Munich-based company, which declined to give exact profit numbers, expects to grow “significantly” this year, Managing Director Andreas Fruth said.