Jabong parent receives €300 mn funding; valuation dips by a 3rd
Global Fashion Group (GFG), parent company of fashion portal Jabong, has secured a funding of 300 million euros from German startup investor Rocket Internet and other existing investors, but has seen its valuation drop to one-thirds at one billion euros in less than a year. In the current round of funding, Rocket Internet will underwrite around 100 million euros (about Rs 762.7 crore) of the financing. It will invest around 85 million euros, including the conversion of an existing investment at the terms of the financing. "GFG has secured a successful funding round of at least 300 million euros, which has been underwritten by Rocket Internet and other existing shareholders," Rocket Internet said in a statement. Besides, Sweden's Kinnevik has committed to invest up to 200 million euros in the company. The transaction values GFG at one billion euros. Last July, the German firm had said GFG had a valuation of 3.1 billion euros post its participation in a 150 million euros internal financing round.