Business Times reported that Zando has landed an investment in the “three-digit million rand” band from the asset management division of JP Morgan.
“Zando co-founders Manuel Koser and Peter Allerstorfer would not reveal the exact amount, but the investment is a strong vote of confidence in the nine-month-old company, which sells local and international clothing brands online,” Business Times reported.
According to the newspaper, Robert Cousin, a portfolio manager at JP Morgan, confirmed the investment in Zando, saying that they are excited to partner with Zando “as the company continues to grow its e-commerce presence in South Africa”.
Launched on the 23rd of January 2012, Zando has grown significantly to become one of the top online retailers in the country.
According to the company it currently attracts over 200,000 unique visitors per week, and has grown its number of employees from the initial 4, to over 200.
One industry player, who asked not to be named, said that Zando’s free return policy caused some problems because of the fact that many users ordered clothing, wore it for a night and then returned it for a full refund.
However, Zando explains that the current system where the delivery guy waits at your door if a client would like to return an item (fashion in a flash) is working well.
Zando could not disclose their exact growth figures, but the company said that they will release more information about their finances next week.