Jet, an e-commerce startup launched earlier on July, received a fresh funding worth $350 million, and is expecting $150 million more according to Re/code
Even before it was launched, Jet was able to aggressively raise its capital. A month after it launched it was named as the fourth largest online marketplace. Jet also encountered some criticisms before when it made some changes on their business model. The company promised to take on Amazon by providing lower prizes on their platform. They announced in October that they will be dropping the $50 annual fee to its members.
Despite this, a release on October provided by Jet saw gross merchandise volume of $33.2 million which they claim is 65% more than its September report. The company was previously valued at $1 billion before the capital infusion. With the added $350 million funding, Jet is now worth $1.35 million to its investors. Their goal to take on the giant Amazon will not be an easy feat, but investors are willing to take a bet that there is a room for another winning player in the market.
