Jabong, fashion e-commerce company has received an additional $20 million funding from Global Fashion Group (GFG) to overcome the losses the company continuously bearing over some time. “The board has agreed to put more than $20 million in Jabong,”reported ET, citing the person involved in the development.
Founded in 2011 by Swedish Investment company – Investment AB Kinnevik and Germany’s Rocket Internet SE, GFG aims to bring fashion online in emerging markets. Currently, it is operating in 27 countries, including eCommerce ventures Dafiti in Latin America, Lamoda in Russia and the CIS, Namshi in the Middle East, Zalora in Southeast Asia and Australia while operating Jabong in India.
“GFG has raised over $1.5 billion in capital in its history and its Board remains unanimously committed to all regions it operates in, including India. Jabong has made a number of recent senior management hires and has also recently witnessed record operating performance. These facts, which are supported by public filings on our current investment rate, are clearly evident of GFG’s commitment to growing Jabong,” GFG said in an email to ET.