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Global Fashion Group secures €300M from Rocket Internet

Global Fashion Group has raised €300 million (~$345.57M) from Rocket Internet. Rocket Internet will underwrite €100 million, it will invest €85 million while converting the existing investment at the terms of financing. Jabong’s MD and CEO Sanjeev Mohanty said in a statement that the funding will help Jabong to enhance its business operations in India. According to Mohanty, the past few months were its best in terms of revenue. In July last year, Global Fashion Group raised euro 150 million (~$166 million) in a round of funding from existing investors Rocket Internet and AB Kinnevik. With this investment, Kinnevik would own at least 25.0% and Rocket at least 21.9% of GFG.The fashion platform would use the funds for logistics, marketing and product development. It also acquired two Brazilian online fashion businesses, Tricae and Kanui, is a share for share transaction.…

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