Kinnevik 2020

Kinnevik had one of its best years ever. The Swedish investment company saw its net asset value (NAV) rise 52% year-on-year to SEK 11.7 billion ($1.4 billion U.S.) in 2020. However, its once dominant interest in marketplaces has waned.

Kinnevik didn’t even report a value for its 17% stake in Quikr, the scandal-plagued Indian marketplace. Neither did it post results for its 60% stake in Saltside Technologies, which operates marketplaces in Bangladesh, Sri Lanka and Ghana.

“We saw headwinds in our emerging markets businesses as macroeconomic conditions deteriorated and regional lockdowns caused a slump in demand for companies such as Quikr,” said CEO Georgi Ganev.

The investments in these two companies are aggregated in a column for emerging markets, which stands for only 2% of the total investments of Kinnevik. The total value of the emerging market investments is $217 million, which shrunk by 47% in 2020.

Kinnevik’s success comes from its retail fashion and digital health investments. Fashion companies like Zalando and Global Fashion Group and healthcare companies like VillageMD and Babylon all performed well this year.

The company also made investments in several new companies in the food delivery sector. Budbee and HungryPanda both performed extremely well in the new pandemic economy.

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