Jabong, India’s eCommerce platform focused on clothing, footwear & accessories has raised an additional $20 Million from the parent company, Global Fashion Group (GFG).
The eCommerce portal has been showing consistent loss for quite some time now, however, showing its persistent growth, the board has agreed to put additional amount in Jabong to make it survive for another few days, said a board member about the latest development.
Global Fashion Group, founded in 2011 by Rocket Internet SE from Germany and Investment AB Kinnevik from Switzerland operates multiple eCommerce ventures including Dafiti in Latin America, Jabong in India, Namshi in Middle East, Lamoda in Russia and Zalora in South East Asia.
GFG has raises over $1.5 Billion overall and the board is committed to put in efforts to be a leader in all the geographies we are operating. Jabong has been one of our premium ventures and with the help of newly hired management team, we are hopeful of getting into a better state in the time to come, said GFG in an email.