Jabong gets $20 million in fresh funding round
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Fashion ecommerce company "The board has agreed to put more than $20 million in Jabong," a person who participated in the meeting held in Luxembourg told ET.
GFG was founded in 2011 by Swedish Investment
It is reported that Oliver Samwer, CEO of Rocket Internet and deputy chairman at GFG, was not in favour of continuing the India venture, it was Kinnevik that insisted on staying put, leading to which the board eventually agreed to back Jabong.
Jabong receives funds on a regular basis, similar to the financing structure of other multinational corporations, the company said in an email, adding that there are no pre-agreed funding commitments.
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Jabong further added that it denies "any other rumours or speculations that are to the contrary."
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