German based Rocket Internet has invested 300 million euros in Jabong’s parent company Global Fashion Group at a valuation of 1 billion euros.
While Rocket Internet will underwrite around EUR 100 million of the financing, it will invest around 85 million euros including the conversion of an existing investment at the terms of the Financing.
Sanjeev Mohanty, MD & CEO, Jabong, said, “This is excellent news as the funding will help us enhance our business operations. We have had success over the past few months, with Jabong recently recording its best month in terms of revenue. GFG sees good progress with Jabong in India and this trust will help us strengthen our operations in the country.”
Jabong has also revamped its entire top leadership ever since Sanjeev Mohanty took charge of the company as MD & CEO in December 2015.
Global Fashion Group comprises of six brands including Dafiti, Lamoda, Namshi, The Iconic, Jabong and Zalora. Launched in 2011, Jabong was merged with GFG in 2014.