New Delhi, May 2 (IANS) The parent company of online portal Jabong, Global Fashion Group (GFG), has secured funding of 300 million euros from Rocket Internet, a company statement said here on Monday.
“While Rocket Internet will underwrite around 100 million euro of the financing, it will invest around 85 million euros including the conversion of an existing investment at the terms of the financing,” the statement said.
“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,” said Sanjeev Mohanty, managing director and chief executive, Jabong.
“The funding will greatly help Jabong, which is on a path of transformation from a start-up to a professionally run, profit oriented company,” the statement added.