Czech billionaire Kretinsky to invest 60 million euros into DoDo logistics firm

PRAGUE (Reuters) – Czech billionaire Daniel Kretinsky will invest 60 million euros ($63.16 million) into logistics firm DoDo over the next two years to support its international expansion, the company said on Tuesday.

DoDo was founded in 2015 and provides fast delivery services to customers in e-commerce, retail and food delivery. It aims to double its revenues year-on-year to 2 billion crowns ($85.36 million) in 2022, and the planned growth should be driven by markets outside the Czech Republic.

The group, majority-owned by its Czech founder, Michal Mensik, has 2,000 couriers operating in seven European countries, including Germany, Poland and Hungary.

Kretinsky earned his fortune by building his energy group EPH into a major player in Europe, buying up unwanted coal power plants before expanding into other energy sources.

He has expanded his business and geographical footprint in recent years with investments in French media and retail, in German wholesale retailer Metro, and in the Royal Mail and Sainsbury’s in the UK.

($1 = 0.9500 euros)

($1 = 23.4300 Czech crowns)

(Reporting by Robert Muller, editing by Jason Hovet)