New Delhi: Global Fashion Group (GFG), an international group of six online fashion stores including India’s Jabong, has raised $25 million more on top of the $339 million it received from investors at a sharply lower valuation in April. The direct and indirect share of Rocket Internet after the transaction is 20.4%, it said in a statement on Friday. The direct and indirect share of Germany-based investor Rocket Internet after the transaction is 20.4%. The deal is estimated to be around $50-75 million largely in cash, which would allow Rocket Internet and Kinnevik to exit Jabong. The development comes at a time when GFG is in advanced discussions with Softbank Group Corp.-backed Snapdeal to sell Jabong.

Source: Mint July 22, 2016 09:45 UTC