Germany’s Rocket Internet reported today its annual earnings for 2014, which showed the Berlin-based company continuing to expand the pace and ambition of its startup factory.
The company’s earnings can be hard to parse because of the complexity of what it does and does not count in terms revenue generated by its many investments. But one area that came into sharp focus in the annual report is the massive size of the global food empire the company has been aggressively knitting together.
When it comes to online food startups, Rocket has two buckets. The first is HelloFresh, a Berlin startup which now lists its headquarters in New York. HelloFresh remains a standalone investment for Rocket that delivers boxes of ingredients and recipes for customers to prepare at home.
The second bucket is Rocket’s Global Online Takeaway Group, an entity that includes its investments in Berlin’s Delivery Hero and Foodpanda, among others.
So, how are they all doing?
According to Rocket’s earnings report, HelloFresh grew revenue 380 percent in 2014 to $78 million. Deliveries grew 427 percent, in large part driven by expansion into the U.S.
On top of that, HelloFresh raised in February a $126 million round of venture capital, bringing its total to $193.5 million. Rocket’s report said HelloFresh is “well equipped to continue to capitalize on the significant growth opportunity.”
Turning to the GOTG, Rocket now has online food delivery entities that operate in 71 countries and that are on track to process more than 120 million orders in 2015.
A large part of that momentum comes from Foodpanda, which saw orders increase 430 percent and revenues increase 385 percent in 2014. The company now delivers on behalf of 46,000 restaurants.
Foodpanda has been aggressively consolidating along the way, acquiring Just Eat India, FoodbyPhone in Thailand, Koziness in Hong Kong, EatOye in Pakistan, and the Foodrunner network in Singapore, Malaysia, and the Philippines.
Foodpanda also just raised another $88 million round led by Goldman Sachs.
Rocket released fewer details about the performance of Delivery Hero. However, the company did disclose that Delivery Hero today acquired Yemeksepeti, the Turkey-based online delivery service, in a deal worth $589 million. In addition, Delivery Hero bought Greece’s e-Food for an undisclosed sum.
And Rocket invested another $68 million in Delivery Hero to keep its ownership stake at 40 percent.
It’s a lot of moving parts to track, for sure. And it will be interesting to see to what degree Rocket consolidates all of these entities into a single company down the road.
It would seem that mashing all these parts into a whole could create an IPO-ready entity.