Rocket Internet invests 300 million Euros in Jabong’s parent company GFG
Advertisement
Advertisement
Berlin-headquartered company Rocket Internet has invested a funding of 300 million euros (about Rs 2,282 crore) in Global Fashion Group (GFG), the parent company of online fashion portal Jabong.
The German start-up investor will underwrite around 100 million euros (about Rs 760.7 crore), and will invest around 85 million euros (about Rs 646.7 crore), which would include the conversion of an existing investment at the terms of the financing.
For this transaction, GFG was valued at 1 billion euros post the transactions, said a
"The financing will provide GFG with the necessary capital to continue to execute its strategy of building out its leading position in the online fashion sector in emerging markets," GFG Chief Executive Officer Romain Voog said.
Advertisement
"This is in line with GFG's plan to deliver an accelerated path to profitability across its regional businesses while continuing to capture the significant market opportunity available," Voog said.
Also read: Investors unwilling to buy Jabong for $500mn, say it's worth only half as much!
GFG, which was founded in 2014, combines six regional brands all across the world, viz. Dafiti in Latin America, Lamoda in Russia and CIS, Namshi in the Middle East, The Iconic in Australia, Jabong in India and Zalora in South-East Asia.
"We continue to be very excited about the prospects of GFG, which has successfully built out leading market positions in key emerging markets. We are looking forward to continuing to work with the GFG team as well as Kinnevik and the other GFG shareholders to support GFG," Rocket Internet CEO Oliver Samwer said.
Advertisement
"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," he added.
Image source
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market