JP Morgan invests in Rocket Internet again, this time in Zalora
September 25, 2012 by Terence LEE
Despite persistent rumors that Rocket Internet’s Zalora is struggling to gain firm footing in Asia, the fashion online retailer has announced today that JP Morgan Asset Management is investing in the company.
The investment, rumored to be in the “significant double digit millions”, covers Zalora’s presence in five Southeast Asian countries (Malaysia, Philippines, Singapore, Taiwan, Thailand and Vietnam) as well as Hong Kong and Taiwan. The fresh injection of funds comes just 8 months after Zalora’s launch.
It currently employs more than 1,000 employees and says it has achieved annualized double-digit million USD revenues.
“Online retail holds tremendous potential in this market of more than half a billion customers, and we look forward to continued growth with our shareholders,” says managing director and co-founder Mato Peric in a press release.
Existing investors in Zalora include Rocket Internet, Summit Partners, and Invus.
JP Morgan Asset Management handles assets worth approximately USD 3.3 trillion in total. Its clients include institutions, retail investors, and high-net-worth individuals.
JP Morgan has been investing in a string of e-commerce companies by Rocket Internet lately. It recently pumped an undisclosed amount into German site Zalando and USD 45M in Brazil’s Dafiti. It followed those up with an equity stake in the USD40M-80M range in Russian site Lamoda, and funded Australian site The Iconic for USD 20M.
Most recently, it invested a significant amount in Amazon clone Lazada, a sum that could be in the USD 50M to USD 100M range.
Company: Rocket Internet
Rocket Internet is a Berlin headquartered company that is well-known for cloning successful online startups (usually from the US), replicating them elsewhere, and turning them into large, profitable businesses. It is active in Indonesia, Vietnam, Singapore, Malaysia, Philippines, Thailand, Australia, New Zealand, Myanmar, Taiwan, China, Hong Kong, South Korea, Japan, India, and Pakistan.
View profile: RocketInternet More articles: RocketInternetFind out more about SGE’s research arm: SGE Insights, providing customized in-depth research reports to help you navigate the business of technology in Asia.
About The Author
Terence LEE - Editor
Terence writes mainly about technology trends and startups in Asia. He believes in crafting smart content: Not just a regurgitation of text, but well thought-out pieces that serve the reader using a combination of data, design, narratives, analysis, and visual impact. His articles have been published on Venturebeat, Yahoo!, Straits Times, Today, and The Online Citizen. He also co-founded NewNation.sg, a satirical news site covering Singapore affairs. Engage him on LinkedIn and Twitter.
Read other posts by Terence LEE
Share this: