Jabong's parent Co Global Fashion Group secures EUR 300 mn from Rocket Internet

Global Fashion Group, the parent company of online fashion portal Jabong, has successfully secured a funding of EUR 300 million from Rocket Internet. While Rocket Internet will underwrite around EUR 100 million of the financing, it will invest around EUR 85 million, including the conversion of an existing investment at the terms of the financing.

This comes as great news for Jabong, especially at a time when the e-commerce landscape in the country is constantly evolving.

Speaking about the funding, 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.”

The funding will greatly help Jabong, which is on a path of transformation from a start-up to a professionally run, profit-oriented company. 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 (GFG) operates across four continents and 28 countries, employing over 9,500 people. With a focus on emerging markets, GFG targets a EUR 300 billion fashion market and over 2.5 billion people. Global Fashion Group was founded in 2011 by Swedish Investment AB Kinnevik and German Rocket Internet SE.

Marketing
@adgully

News in the domain of Advertising, Marketing, Media and Business of Entertainment

More in Marketing