With Rocket Internet reporting first-half financial results on Thursday, all eyes remain on the valuation of its start-ups, especially after two of its biggest holdings suffered steep downgrades in recent funding rounds. Global Fashion Group fell 67% to €1 billion ($1.1 billion) in April and Home24 plunged 57% to €420 million. As the chart below shows, shareholders trying to get a handle on things have been helped by disclosure from Sweden’s Kinnevik, a co-investor in several Rocket holdings.
Unfortunately, Kinnevik isn’t involved in several other trophy Rocket assets, notably Delivery Hero and HelloFresh, both priming for initial public offerings. As the chart below shows, the value of those holdings has increased, according to Rocket, but there’s little disclosure from outside funds to act as a comparison.