Launched in January 2012, online fashion retailer, Jabong has received $27.5 million (Rs. 173 crore) equity capital from British development finance institution CDC.

This investment by CDC in Jabong was completed last week.

According to CDC website, Jabong plans to use the amount raised to drive the growth of its business and enable development of the supply chain infrastructure and the technology platform in India, creating the potential to connect millions of customers with thousands of small suppliers.

As a part of the deal, CDC will pick up an undisclosed stake in the e-commerce company backed by Rocket Internet. With this funding round the value of Jabong is estimated to be at $150 million, reported The Economic Times.

The amount raised so far is a part of Jabong’s plans to raise $100 million (Rs. 628 crore).

One of Jabong’s main competitors, Myntra also raised a funding of $50 million (Rs. 300 crore) from PremjiInvest last week.